Kearns Quoted in Article on Transitioning Condo From Sponsor to Owner Control

Firm News

Real Estate Partner Thomas Kearns was quoted extensively in The Cooperator as an expert on the challenges condominiums face as they transition from developer to resident control. Among other things, Kearns advises developers “to be very careful about their fiduciary duty to unit owners and shareholders while they maintain the majority of seats on a board. The smart developers lose sleep over that issue. The truth is, except for a few key issues, the developer would much prefer not to run the day-to-day operations.”

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