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The Condominium Trust/By-Laws

 

 

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.

I.

 

1.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. 2.The manner of collecting from the unit owners their share of the common expenses.

3. 3. The procedure for hiring all personnel, including whether or not a manager or managing agent may be engaged.

4. 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. 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.

6. 6.Such other provisions as may be deemed necessary for the management and regulation of Condominium Association.

 

The document may also contain:

 

1. 1.A method for determining the fair market value of the unit and of the Condominium in cases of repair/restoration/improvements.

2. 2.A procedure for submitting the disputes arising from the administration of the Condominium to arbitration.

3.   3.Any rights of first refusal by the organization of unit owners in case of sale of a unit

4.  4. Such other provisions as may be deemed necessary for the management and regulation of Condominium Association.

 

 

 

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