Confusion at the Las Vegas Cay Club
I have talked to many owners that have expressed some concern about the legality of how the Cay Clubs structured the ownership of the the properties both here in Vegas and in Florida. There are even some people who claim that with the way things were done there may be a way to go back to the lenders or the title company and make them take back or pay for the property.
Well after spending several hours reading every word of association documentation I could find I think I’ve finally understand how things are split up and who controls what here in Las Vegas. I’ve also talked to our in house counsel about it and I don’t believe there is anything “Illegal” about how it was put together. Maybe a bit unfair but that is all. Keep in mind I’m only talking about Las Vegas.
Okay, let’s see if I can explain this in less than 100 pages. The homeowners association owns all of the common area in all of the buildings with units in them. The individual owners own everything form the “studs” inward. Cay Clubs or their successors own/control the club house/office building and all of the land in-between the buildings including the parking area totalling 9.44 acres. The owners have an easement over all of the common area and are responsible to pay for the maintenance but the Cay Clubs controls it, so if they want to build something on it they can and the homeowners association has no say in the matter. Now I may not have this exactly right & I’m open of any amount of insight on the issue, but I’m close.
Here is my concern, if the Cay Clubs hands over their interest to a new company where is the paper trail to show who has control of the 9.44 acres of common area? There is no parcel number for this common area and therefore there is no public recorded documents showing the transfer. If I was an owner in the Cay Clubs I would want to see that documentation, and make sure it was signed by all parties. If it’s not it could cause lots of legal trouble for the association down the road.
Oh, and by the way the association is responsible for all of the property tax on the 9.44 acres it doesn’t control…..get involved with the association!!!!!!!!!!!!!!!!!!