Percentage of ownership

Started by JamesE • 4 replies • 2738 views

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JamesE (Texas)
Posts: 1

Posted:

I live in a condominium in Bossier City,Louisiana that has been created recently and within the next few days we are electing members to the board of the association.

I have asked the Declarant how did he arrive at the percentages of ownership and he is unable to provide it.

The by-laws and Declaration give percentages of ownership but not the method on how the percentages was computed,ie: square footage, number of bathrooms or what.

Can you tell me the various methods of computing percentage of ownership of a condominium and percentage of the common expenses?

NancyB2 (Illinois)
Posts: 3

Posted:

I have a similar question. I live in an association with townhouses and condominiums. The Master Association has control of the clubhouse and other amenities. In the Master Association the condo's have an 80% vote and pay 80% of a whole assessment. The townhouses have a 100% vote and a 100% assessment. That is, a townhouse vote counts for one (1) vote and a condo vote counts fo 80% (4/5) of a vote. Also, if the townhouse assessment is $100 then a condo assessment is $80. The townhouse owners want to change this so that all owners have an equal vote and pay an equal assessment. Does anyone know why a developer would define these two classes of owners in the first place? Is this a common practice? Can't ask the developer because the association is about 30 years old.

RogerB (Colorado)
Posts: 5,067

Posted:

Yes Nancy, often two or more levels of assessments and corresponding weight of votes are used when there are varing levels of property values. Are your townhome prices about 25% higher than condo prices?

NancyB2 (Illinois)
Posts: 3

Posted:

Thanks for your reply. Yes, the townhome prices are higher than the condos.

LisaS (Illinois)
Posts: 341

Posted:

Condos are lower density than townhouses (ie more housing in a smaller space). Obviously, it affects value.

But also square footage...both inside and outside. It costs more to maintain a townhouse exterior than a condo because it's a bigger space owned by less people. Consequently, higher assessment.
Lisa

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