The purpose of this blog is to stimulate dialog and comments aboutÂ condominium living, administration, advantages, disadvantages, nuances and amusing anecdotes. Please comment, add your 2 cents, expoundâ€¦. Questions and comments are welcome and I encourage anyone to chime-in.
I will include a definition with eachÂ post to steer the discussion, but take it anywhere you like and ask any question aboutÂ condominium ownership and living.
In many ways, condominium living is different from owning a single family home.Â As a condominium owner and a Realtor of 25 years, I have first-hand knowledge of this subject. There are many of us out there with information to share. Your comments will drive the weekly thread.
Your questions may have legal implications, so please be advised that I am a real estate broker and not an attorney. With fortune, an attorney may read your question and comment as well.
Definition of the week:Â Association Meeting:
The executive board of a Condominium Association is required to hold a meeting of the owners or Executive Committee at least once a year. Many associations find it helpful to convene on a quarterly basis.
During these meetings a quorum (usually 50% or more of the owners or executive board) is established, financial statements are presented and the next budget (if this is an annual meeting) is established.
Agenda items are listed on the official notice provided to association members ahead of time (typically 10 days prior to the meeting). These items are discussed and voted upon. Â
Minutes of these meetings are kept and are available for a potential purchaser to review.Â
Richard Murphy, Maine Real Estate Broker (207) 712-4796
Harborview Properties, 47 India Street, Portland, ME 04101