Good afternoon:We are interested in purchasing a condo that is part of a 2-condo association (side by

Asked by Steve, Boston, MA Wed Aug 13, 2008

side setup). Is i typical for the larger condo to have more of a responsibility for condo costs and to have a larger percentage of voting power?

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Michael Giles, Agent, Beverly, MA
Wed Aug 13, 2008
Have a Real Estate Lawyer look over the docs to determine if any changes need to be made. Regardless of the voting balance as long as there is an arbitration clause you will have protection against having unnecessary work done just because the larger unit wants it done. Most lenders will want this clause included before they will ok a loan on the property.
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Ken Lambert, , Exeter, NH
Mon Aug 18, 2008
Hello Steve- Be very careful with this purchase. I'm a mortgage broker and I deal often with people wanting to buy condos that they can't physically get a mortgage for. If you're not working with a broker yet, I'd be pleased to help you. You need to make absolutely sure that the actual address is approved by a specific lender- not just the mortgage broker you talk to.
Most lenders nowadays do not even give mortgages out for your kind of situation, a 2-family building that was converted into 2 condo units. Because the lender knows that there is no true property management and maintenance company.
Thanks, and Good Luck,

Ken L.
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Steve, Home Buyer, Boston, MA
Wed Aug 13, 2008
thanks. The way it's setup now is 52/48 as far as fees and the larger unit has a weighed voting power because it's the larger unit. The current owner of the unit we're buying says that they have shared decision making on everything so far. Should we have the condo docs changed or just add an amendment regarding voting power?
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Territory.c…, Agent, MA,
Wed Aug 13, 2008
Yes, very common. They usually calculate your fees based on the square footage of the condo. The voting power can be done differently though because they don't want one condo to have 60% of the fees and the majority voting power, although it does happen. if it is a new condo - no association yet - perhaps that could be something you spearhead (make sure it doesn't happen). That way the power is balanced.

Hope that helps.
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