Universal Hub has an interesting blog post today entitled: If you buy a condo in a project built in phases, you better pay really close attention to the master deed.
Here are excerpts from the Universal Hub blog:
The Supreme Judicial Court today ruled today that condo developments do not have to obey a state law that requires ownership of common areas to be equally split among all owners – provided the disparity is noted in the master deed and other condo documents signed by buyers.
The ruling comes in the case of 20 owners of condos in the second phase of a Falmouth project, who objected to master-deed provisions that essentially required them to pay more for maintenance of common areas than owners of the initial units and which gave the first-phase owners more of a say over major decisions affecting the entire project.
