Golden Surf Towers Condominium

Owner Information Update

(Not an Association Communication)

This Is About Disclosure and Risk — Not Blame

When a unit is sold at Golden Surf Towers, buyers rely on one thing above all else:

Accurate disclosure of the Association’s financial condition.

That disclosure affects:

• Whether a buyer can obtain financing
• The price a buyer is willing to pay
• Whether a sale closes at all

This update explains why full financial transparency is not optional — and why gaps in disclosure place every owner at risk.

1. What Buyers Expect to Know

A reasonable buyer expects clear answers to basic questions:

• Does the Association carry loans or lines of credit?
• What is the current balance of those obligations?
• Are special assessments planned or likely?
• Are operating deficits recurring?
• Are reserves adequately funded?

When answers are incomplete or unclear, buyers hesitate — or walk away.

2. Estoppel Certificates Are Critical

An estoppel certificate is a legally relied-upon document in any condo sale.

It typically includes:

• Outstanding assessments tied to the unit
• Known Association debt and obligations
• Pending special assessments
• Financial conditions that affect ownership

If debt exists but is not clearly understood by owners, it becomes impossible for sellers to confidently represent their unit — and buyers may later claim they were misled.

Transparency protects everyone involved in the transaction.

3. Debt Does Not Reset for New Owners

When a buyer purchases a unit:

• They inherit the Association’s financial condition
• They assume responsibility for future assessments
• They absorb the impact of any undisclosed borrowing

This is especially important for owners who purchased after 2020, when many were never clearly informed that long-term debt remained in place despite owners paying special assessments.

4. Why Incomplete Disclosure Hurts Property Values

Buildings with unclear finances often experience:

• Smaller buyer pools
• Cash-only buyers demanding discounts
• Longer time on market
• Lower appraisals
• Failed or delayed closings

Even owners with no intention to sell today are affected, because market perception compounds over time.

5. Overbudgeting Masks the Real Picture

When expenses such as insurance are significantly overstated in budgets:

• Operating deficits appear larger or smaller than reality
• Borrowing decisions become harder to evaluate
• Owners cannot accurately assess financial health

Accurate budgeting is not cosmetic — it is foundational to trust.

6. Why Owners Are Asking Questions Now

Owners are not questioning finances to create conflict.

They are asking because:

• Dues and assessments were paid
• Debt and deficits still persist
• Loan balances remain high
• Disclosure has been inconsistent
• Future exposure is unclear

Asking questions is not disloyal.

It is responsible ownership.

7. What Responsible Disclosure Looks Like

A healthy Association should provide owners with:

• A clear list of all loans and credit facilities
• Current balances and interest costs
• Explanation of how debt aligns with owner-paid assessments
• A plan to reduce — not normalize — borrowing
• Budgets grounded in actual, verifiable costs

These are standard governance practices.

Why This Matters Before February 19

The upcoming election determines whether the Association moves toward:

• Transparency and long-term stability
  or
• Continued uncertainty and rising owner exposure

Leadership sets the tone for disclosure, discipline, and trust.

Owner Action — February 19 Election

If you believe owners deserve clear financial information and responsible governance, please vote for the full owner slate:

Vote for the Full Team

• Matthew Greimel
• Cynthia Clemens
• John DeLuca
• Tobey Salem
• Oriana Gherman
• Maggie Enriquez
• Larissa Bethel

This team is committed to:

• Honest financial disclosure
• Responsible debt management
• Fair enforcement and due process
• Ending intimidation and retaliation
• Protecting property values

Disclosure / Notice

This communication is from Concerned Owners and the Owner Candidate Team. It is not issued by or on behalf of the Association, its Board, management, or vendors. Statements reflect owner concerns and reference Association documents available to owners. Owners are encouraged to independently review official Association materials.