Q: A new apartment is trying to form an owners association to take over from the builder. Most owners are NRI's and not available even for the initial meeting of owners. Builder has stated inability to manage the apartments affairs indefinitely. Is it possible,legally,to form the association with less than half the owners in attendance and if yes what are the procedures to be followed.
You can form an apartment owners association under society act. Under this act, to form an association or society, minimum 7 members is important and later you can add rest of members. Once the society is formed and all formalities are done in choosing managing committee, you can proceed to take over from the builder
Hello Mohammed, first you have to hire a real estate attorney who is expert in local real estate laws to work with you on the formation of the association. After that you have to choose a name for the association because with out name you cannot file the paperwork. Set your membership fees, you have to appoint a director for the home owner association. Arrange for the first home owner association meeting, in your first meeting who have to elect your officers, adopt the association’s bylaws and make them official, and take care of any other business. After everything is done review what the home owner association is doing with the real estate attorney that you hired to help form the association.