For example, one partner has cash, another has construction experience, and the third partner has a real estate background.It sounds like you both possess similar skills, time constraints, and lack of experience.

If you do not pay, attorneys go to court on behalf of association and file a FED (a forcible entry and detainer action) to basically evict you, the owner, and take possession of your unit and then (wait for it...) rent your unit out to a bonafide tenant until the delinquent account has been satisfied.

Like @Don Konipol said you would have to exercise your option to take possession of the property BUT if your option is for less than they owe it creates a short sale that would need third party approval (from the bank) for you to even exercise your option to purchase the property.

One of my attorneys has been following this case and sent me this link to the L.A. Times article:

http://www.latimes.com/business/la-fi-house-thieves-20140124,0,309265.story?page=1#axzz2rQTi3H9w

I've fo...

A caution to Persons in Possession of Estate Assets: You may receive this notice of tax due if estate assets or funds were distributed to you prior to the taxes being paid.

I will put the pay or quit if she doesn't pay since that will cover if I take possession.

But If a bank will sell you a house when they were going to put a measly 8K improvement in it (which only means they had possession of it) and sell it for FMV of 75K, they need new staff.

Anyway, she was arrested in December 07 for possession of cocaine and driving with tags that did not belong to the vehicle.

My Steve Young and Bret Favre signed footballs are my prize possessions.

I'm about to take possession of a cat house.