What is the name of your state?NJ
We are interested in purchasing a unit in a 2 unit condo. This is a recent conversion- and neither unit has been sold. The ByLaws are still in draft format & condo fees have not been established. the "developer" has informed us that if we are the first to purchase - we have the opportunity/right to ammend the ByLaws and create/determine the condo fees. Since the condo is still in the process of conversion- no operating budget has been established nor is there any reserve fund in place. Is the developer responsible for "seeding' the reserve fund? If we do in fact become the first purchaser- is the developer liable to cover the condo fees for the remaining unit until it is sold? Also the ByLaws currently stipulate one vote per unit- even though our unit is larger and responsible for 66% (vs the smaller unit's 34%) of water sewage/insurance/etc., why wouldn't the larger unit have 66% voting power?
We are interested in purchasing a unit in a 2 unit condo. This is a recent conversion- and neither unit has been sold. The ByLaws are still in draft format & condo fees have not been established. the "developer" has informed us that if we are the first to purchase - we have the opportunity/right to ammend the ByLaws and create/determine the condo fees. Since the condo is still in the process of conversion- no operating budget has been established nor is there any reserve fund in place. Is the developer responsible for "seeding' the reserve fund? If we do in fact become the first purchaser- is the developer liable to cover the condo fees for the remaining unit until it is sold? Also the ByLaws currently stipulate one vote per unit- even though our unit is larger and responsible for 66% (vs the smaller unit's 34%) of water sewage/insurance/etc., why wouldn't the larger unit have 66% voting power?