• FreeAdvice has a new Terms of Service and Privacy Policy, effective May 25, 2018.
    By continuing to use this site, you are consenting to our Terms of Service and use of cookies.

How to determine percentage condo ownership?

Accident - Bankruptcy - Criminal Law / DUI - Business - Consumer - Employment - Family - Immigration - Real Estate - Tax - Traffic - Wills   Please click a topic or scroll down for more.

stevenriley

Junior Member
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

Senior Member
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

Junior Member
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.
 

stevenriley

Junior Member
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

Senior Member
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.
 

Find the Right Lawyer for Your Legal Issue!

Fast, Free, and Confidential
data-ad-format="auto">
Top