Just wanted to apologize
I haven't visited in a bit, so just glanced at this thread to catch up.. Seems I may need to apologize to the HOA. If the "buyer" wanted the property transferred to a entity that does not have the proper registration and certificate of good standing- then kudos to the resort for performing the correct due diligence. And shame on the OP for leaving that tidbit out of the original post.
Regardless, I hope this gets resolved soon to the satisfaction of both sides.
I haven't visited in a bit, so just glanced at this thread to catch up.. Seems I may need to apologize to the HOA. If the "buyer" wanted the property transferred to a entity that does not have the proper registration and certificate of good standing- then kudos to the resort for performing the correct due diligence. And shame on the OP for leaving that tidbit out of the original post.
Regardless, I hope this gets resolved soon to the satisfaction of both sides.
Chances are the HOA doesn't have the legal authority to do this.. If you pull legal records, you will find many other deeds at the property that are held by businesses and trusts. The simple fact that they offered to take back the ownership from you for a large upfront fee means that they do in fact allow ownership to be held by something other than an individual.
A resort cannot totally protect itself from abandonment and foreclosures. These unfortunately are a fact of life whether the ownership is held by an individual, a trust, or a business. The correct action would be for the resort to require full documentation from any business, trust, or individual who wants to become an owner, and to never allow a transfer to be completed if the individual, trust, or business has an outstanding balance.
Many HOA's maintain records of businesses and their principals that have defaulted. I believe that one of the goals of Shep's HOA group was to create a way for resorts to share that information.
While I appreciate what they seem to be trying to do, the tactics they are employing are simply wrong....