For Sale

CORAL RIDGE COMMERCIAL CONDO ASSOCIATION

Roger Strube MD / Roger H Strube, MD


	CRCCA UNITS FOR SALE

	From time to time units in our condominium association are placed on the market. The Declaration of Condominium provides the process the owner/seller is to follow to assure his/her closing meets our association requirements and offers other owners the first right of refusal. The second obligation of the seller/owner is to settle any outstanding obligations to CRCCA as the State of Florida regulations require. When all outstanding financial obligations to CRCCA are settled, the Board shall issue the required satisfaction to the seller’s real-estate agent/attorney and/or title company. The CRCCA information may be reviewed by reading the DOC (see tab “Declaration of Condominium” to the left) or by reviewing the more specifically explained and outlined “Section XII Conveyances” found on the page “Selling and Buying Units” by clicking on the tab to the left. After any notice, proper (see Section XII DOC) or informal (by mail or word of mouth) that an owner is considering sale of his/her unit(s) I will attempt to post this information in this section of my CRCCA web pages. Posting of CRCCA units that may or may not be currently for sale is to be considered hear say information only and not to be considered official “approval/non-approval” by the Board of CRCCA of any notice of intent to sell by any owner. Any official notice to the owner/seller and to other owners will follow the procedure documented in the DOC and will therefore be accomplished using registered mail after proper written notice is given to the CRCCA Board.

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.

There are four properties listed with MLS (see below). No official written notice has been given to the CRCCA Board regarding the anticipated closing date or other information required as stated in the DOC. The DOC mandated response from the Board and notification of the other owners will occur when and if the owner/seller complies with Section XII Conveyances. The required approval/non-approval response will not be issued by the Board of CRCCA until written notification of a pending sale thirty (30) days in advance is provided to the Board by the seller. Other owners may match the offer within 20 days of this response. If no other owner provides the seller with a valid matching offer to purchase the sale/transfer may proceed provided no maintenance fees or late/penalty fees are outstanding.

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 and State of Florida requirement is to verify that the owner/seller has no outstanding obligations to the condo association. The Board will issue the release to the seller’s Title Company, Realtor or Real-estate Attorney if all obligations to CRCCA have been settled as of the expected date of sale/transfer/closing.


	The following communication was sent to the Punta Gorda Coldwell Banker commercial sales office president and listing agent of record on 01/14/2008 regarding the MLS listing of the four properties on their Web site. This communication was copied to the CRCCA Board and Membership.


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