Mr. Thomas V. Maloney has notified the CRCCA Board of his intent to sell units stating they will be priced at $225,000 and will be listed on July 15, 2007. My latest owner address list shows Mr. Maloney owning units 8, & 9. On August 20, 2007 a Coldwell Banker agent sent a notice to commercial property owners that Mr. Maloney’s units 8 & 9 are listed at a price of $250,000.
The notice of intent to list the properties and the communication from Coldwell Banker are of interest but do not constitute an official notice of a bona fide accepted purchase offer. These letters therefore do not meet the requirements of the CRCCA DOC. If and when Mr. Maloney receives and accepts a bona fide offer to purchase he is obligated to notify the CRCCA Board. The Board then has 10 days to respond with an approval or non-approval. Following this written response Mr. Maloney is required to notify the Board 30 days prior to the sale and is required to provide all information regarding the sale. The Board will then provide the other owners with this information. The other owners have the right of first refusal if willing to match the bona fide offer. The owner/buyer is required to notify the CRCCA Secretary ten (10) days prior to the date of sale/transfer. Mr. Maloney’s unofficial notice (not in compliance with the requirements of the DOC) and Coldwell Banker letter may be viewed below. To completely review the requirements of the DOC click on the “Declaration of Condominium” or “Selling & Buying Units” tabs to the left.
If you are interested in purchasing this property please contact Mr. Maloney directly. An agreement to sell/buy between two owners is uncomplicated and relatively easy to accomplish from a CRCCA point of view. Be sure to view the end of second quarter Financial Reports, Open Invoices and A/R Aging Summary by clicking on the tabs to the left.
The Board has two responsibilities concerning sale/transfer of any property. The first is to approve/non-approve the written notice of impending sale. This function is to protect the interest and property values of all other owners. The second important function of the Board is to provide the real-estate agent/attorney and/or title company assurance that the properties/units to be sold are free of any and all liens and financial obligations to CRCCA. Any and all outstanding maintenance fees, late fees and penalties must be settled prior to the date of closing or the Board will not be able to provide the State required release. As of the date of the last report Mr. Maloney owes CRCCA maintenance, late and penalty fees therefore the Board will be unable to provide verification that the units are current with Condo fees until these obligations are settled.