Condo Fees and % Ownership

[tcwlmo]

What is the name of your state?I live in a condo association in Massachusetts. It is a small 10 unit complex.

It is my understanding that in MA the percent ownership is based upon fair market value of the condo at the time the complex is completed. In the association that I am writing about everyone pays the same fees and has the same percent ownership (10%).

However, some units have porches and some have much better views of the water (the complex is near the ocean). The more expensive units originally sold for about $385k and the cheapest unit sold for $325k.

I am not sure what can be done at this point but I don't think it is fair that everyone pays the same fees.

An advise would be appreciated.

 

[You Are Guilty]

Search is your friend.

https://forum.freeadvice.com/showthread.php?t=243030&highlight=Condo+Fees+Ownership

 

[HomeGuru]

What is the name of your state?I live in a condo association in Massachusetts. It is a small 10 unit complex.

It is my understanding that in MA the percent ownership is based upon fair market value of the condo at the time the complex is completed. In the association that I am writing about everyone pays the same fees and has the same percent ownership (10%).

However, some units have porches and some have much better views of the water (the complex is near the ocean). The more expensive units originally sold for about $385k and the cheapest unit sold for $325k.

I am not sure what can be done at this point but I don't think it is fair that everyone pays the same fees.

An advise would be appreciated.

**A: the CC&R's dictate the % of interest and the fees are calculated from that. The percentage of ownership is not based on fair market value whatsoever.

 

[tcwlmo]

Master Deed / Percent Ownership / Fees

Let me ask the question a little differently.

Regardless of how the percent ownership was determined is it safe to assume that the percent ownership as listed in the master deed is directly related to the condo fees?

In other words, if I have a 9% ownership of common elements per the master deed should I be paying 9% of the condo fees?

Currently I have 9% but pay 10%. Other owners have 11% but only pay 10%.

 

[tcwlmo]

Fees

I agree with you that it is wrong and likely illegal.

When the developer built our 10 units he had a flat fee for everyone. Everyone paid 10%. What I did not realize until later was that 7 of us had about 9.5% ownership and 3 had abt. 11.2% ownership.

I am arguing that the fees should be in line with ownership but no one seems to be listening.

 

[ob1mike]

the condo fee is based off percentage ownership in the CCR's. if they are not listening, send a certified letter. if that does not work, hire an attorney. regarding the voting, i'm not sure if just because your percentage of ownership is not as high then your vote is not equal? i am interested in that question as well.