How to determine percentage condo ownership?

[stevenriley]

I manage a MA condo project and have used FMV to determine percentage ownership in the Master Deed. Each unit is unique and a few of the larger units are actually less valuable than some smaller units (based on floor location, views, and room detailing). Unfortunately, this has caused buyer confusion as FMV is subjective and changing market conditions have pretty much rendered my original FMV figures obsolete. I am considering revising Master Deed ownership percentages to be based on square footage, equally divided, or some other clearer baseline. I'd appreciate any advice on how best to handle this. Thank you.

[HomeGuru]

Originally Posted by stevenriley

I manage a MA condo project and have used FMV to determine percentage ownership in the Master Deed. Each unit is unique and a few of the larger units are actually less valuable than some smaller units (based on floor location, views, and room detailing). Unfortunately, this has caused buyer confusion as FMV is subjective and changing market conditions have pretty much rendered my original FMV figures obsolete. I am considering revising Master Deed ownership percentages to be based on square footage, equally divided, or some other clearer baseline. I'd appreciate any advice on how best to handle this. Thank you.

**A: read your Declaration and By-Laws. The info should be there.

[stevenriley]

That doesn't tell me the baseline to use for identify percentage ownership in a situation where s.f. is not the sole indicator of value.

[HomeGuru]

Originally Posted by stevenriley

That doesn't tell me the baseline to use for identify percentage ownership in a situation where s.f. is not the sole indicator of value.

**A: I have never seen a condo where the FMV was based on % of ownership. Read your condo docs.

[stevenriley]

I think you mean percent ownership based on FMV and not the reverse? I am the project developer and may need to revise doc's from FMV to an objective baseline such as s.f. My question has more to do with what is legal/acceptable.

[HomeGuru]

Originally Posted by stevenriley

I think you mean percent ownership based on FMV and not the reverse? I am the project developer and may need to revise doc's from FMV to an objective baseline such as s.f. My question has more to do with what is legal/acceptable.

**A: there are many condo attorney's that create condo docs for a living. Use one of them.