Quote:
Posted By TracieS on 07/28/2009 10:11 AM
I'm looking for responses from people who have experience/knowledge in townhome/condo (residences that share walls with other owners).
Do you have a separate dispute resolution policy for shared wall issues?
Do you have a separate "water damage" policy for shared wall units?
If so, to either of the above, could you tell me a little more about it?
Yes our community is in this situation. We have fee simple (not condo) attached Villas that share one (end units) or two (interior units) common walls as well as rear yard dividing fences. Each owner is required to carry full homeowners insurance on their dwelling.
Our CCRs do directly address issues related to common walls or fences:
1). Owners make not make any modification that would affect acoustic privacy or fire rating.
2). Any cost of repair or maintenance is shared equally by the two owners.
3). In the event of damage or destruction, funds necessary beyond the required insurance proceeds are equally shared by the two owners although either or both owners may actually restore the wall/fence.
4). In the event of a dispute, each owner can name an arbitrator and the two such arbitrators shall jointly name a 3rd arbitrator. The majority vote of the 3 arbitrators shall be binding upon both owners and shall be precedent to any right of legal action that either party may have against the other.
5). If one of the owners refuses to name an arbitrator, the Board of Directors is empowered to name an arbitrator on that owner's behalf.
Water damage is not specifically separated from any other type of damage in our CCRs.
There is also a "catch all" general introductory phrase in this section of the covenants that says "To the extent not inconsistent with the provisions of this article, the general rules of law regarding the party walls and liability for property damage due to negligence or willful acts or omissions shall apply thereto."
Hope this is helpful .. .. ..