Archive for October, 2008

Building Assessment Fee Issue

October 2, 2008

The funding for the building assessment should not be divided by the number of units, but by the percentage of common interest allocated to each apartment listed under the Offering Plan. Under the introduction of the Offering Plan (pg 9. section 5) “The Board of Managers may impose special assessments in order to meet emergencies, contingencies, or other unforeseen events, which will become the financial obligation of each purchaser of a Condominium Apartment. These assessments will be levied in the direct proportion to the percentage of common interest allocated to each apartment. The reason the offering plan states this is because someone in a one bedroom should not be paying the same assessment fee as someone in a 2 bedroom or penthouse. Based on the offering plan the Board would need a majority of the unit owner’s votes to override this.