Condominiums: Condo Trust
1170 Beacon Street Brookline MA 02446
Condominiums need an organization to oversee the daily running of the Common Areas and the Condominium as a whole. A Condominium Trust or Association is the common entity formed to accomplish these tasks. The organizational document is usually referred to as the Condominium Trust and By-Laws. The rules and regulations affecting Unit owners are often contained in the same document.
The Condominium Trust/By-Laws contain, amongst other items, the following provisions:
(1) The method of providing for the necessary work of maintenance, repair and replacement of the common areas and facilities and payments therefore, including the method of approving payment vouchers;
(2) The manner of collecting from the unit owners their share of the common expenses;
(3) The procedure for hiring all personnel, including whether or not a manager or managing agent may be engaged;
(4) The method of adopting and of amending administrative rules and regulations governing the details of the operation and use of the common areas and facilities;
(5) Such restrictions on and requirements respecting the use and maintenance of the Units and the use of the common areas and facilities, not set forth in the Master Deed; and
(6) Such other provisions as may be deemed necessary for the management and regulation of Condominium Association.
The document may also contain:
(1) A method for determining the fair market value of the unit and of the Condominium in cases of repair/restoration/improvements;
(2) A procedure for submitting the disputes arising from the administration of the Condominium to arbitration;
(3) Any rights of first refusal by the organization of unit owners in case of sale of a unit; and
(4) Such other provisions as may be deemed necessary for the management and regulation of Condominium Association.
Massachusetts Affordable Housing Attorney
Steven S. Bloom, Esq.
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