You would have to review your governing documents, but in general, the answer is no. You would have to consult with your community, in the form of a vote to amend the Declaration, and you would might have to get the approval of a majority or super-majority of mortgagees (look for protective provisions for Eligible Lenders).
Primarily, it must be remembered that the common elements are partially owned by each of the Unit Owners. The percentage interest each owner has in the common area is listed on each owner’s deed. Thus, when you propose to sell or give or otherwise dispose of common elements, the unit owners must have a say. You can’t just give their property away, or sell it without following the procedures in the Declaration for doing so.
The reason an amendment of the governing documents is required is that you would be reducing the size and configuration of the common elements. Your Declaration would have to be amended to provide a new legal description, and document that the pond will no longer be a common element.Robert Griffin, Esq.Griffin Alexander PC415 Route 102nd FloorRandolph NJ firstname.lastname@example.orgTel:973- 366-1188Fax:973-366-4848
The deeding of common property will be controlled by the covenants. You should engage legal counsel to advise youThrasher Buschmann & Voelkel PC
151 N. Delaware St.
Indianapolis IN 46204-2505
The question cannot be answered on the meager facts given. It will depend on the Governing Doc meets, whether the pond is required (such as a sewage or water retention basin), or is an integral part of the Association on the approved development plan.
Sara A. AustinAustin Law Firm LLC717.846.2246 phone717.846.2248 fax