Examples include private decks, porches, roof decks, parking spaces, and storage areas. The declaration of trust should also contain all of the unique rules and regulations of the condominium.
For 2 unit conversions, I recommend unanimous voting on all major issues. The drafter can be flexible and provide that limited common areas must be repaired by either the condo association or the unit owner. The monthly condo fee is calculated as the annual budget divided by the number of units divided by Annual Budget, Condo Fees and Real Estate Taxes The condominium should have a written annual budget and monthly condo fees established.
With respect to real estate taxes on a condo conversion, the building will continue to be assesses as a single dwelling until the tax assessor catches up to the conversion. Care must be taken here to ensure that the units remain marketable while also protecting the serenity of unit owners.
If these are not attached and recorded with the declaration of trust, they are not binding on unit owners. A tax letter agreement should be prepared so that real estate taxes are prorated and properly assessed and paid by each unit owner after the conversion until each unit becomes separately assessed.
Smaller condominiums, however, can be a recipe for disaster without careful planning and drafting of the legal documents which govern them.
The master deed will often impose restrictions upon the use of units or rights of first refusal for the trustees or other unit owners. Limited common areas are technically common area space but reserved for the exclusive use of the unit owner which it serves.
For smaller condominiums between 2 and 5 units, the key is crafting the provisions so as to prevent dead-locking on major decisions. Please contact him at rvetstein vetsteinlawgroup. Rights of first refusal are discouraged these days.
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