Caraless_While22 OP t1_jdwj2lb wrote on March 27, 2023 at 6:36 PM

Reply to comment by RogueInteger in Triple Decker Property Managers by Caraless_While22

He is the sole trustee and the earliest that his term can end is 4 months after the last unit is sold (just the other day). In the condo docs it says that (A) the unit owners shall have no power or right to remove the Initial Board nor to appoint an additional or successor Trustees until the expiration of the Initial Board has expired and (B) during the term of the Initial Board, any vacancy in the office of a Trustee, however caused, shall be filled only by the designation of the Declarant of the Master Deed. Maybe (B) gives us an out if he wants to quit being trustee than newly elected board can fire him.

tacknosaddle t1_jdwqta7 wrote on March 27, 2023 at 7:25 PM

My experience with a triple decker condo is that nobody is involved except the owners. One person manages the account & routine bill payment, but otherwise it's a pretty simple "best of three" on any decision making.

It sounds like you're getting hosed though. If I were you I wouldn't rock the boat now, but make sure that you're going to kill whatever relationship you have once that term is up.

Meanwhile you can also figure out how much he's collected from you all and if it's worth filing in small claims court for him abusing the position he put himself in to line his pockets.

Caraless_While22 OP t1_jdxbtng wrote on March 27, 2023 at 9:40 PM

I am willing to put in my fair share, but 1 unit owner is out of state (doesn't seem like he is going to help). The other unit owner has been quiet as well. Maybe the new owner will be willing to chip in. I can set up autopay for water/electricity and so on, but I don't want everything to fall solely on me.

Tall_olive t1_jdwrtmt wrote on March 27, 2023 at 7:31 PM

Why would you buy under those terms? He gave himself full unchecked power until 4 months after the last unit sells and you willingly agreed to that. That's wild.

Moohog86 t1_jdwx2s5 wrote on March 27, 2023 at 8:04 PM

I think you should contact a lawyer. There should be no reason owners can't terminate the contract and fire the trustee.

MA regulates condo boards fairly well.

giritrobbins t1_jdy0sbi wrote on March 28, 2023 at 12:41 AM

I'm amazed a lawyer didn't have issue with this.

CitationNeededBadly t1_jdx2ac1 wrote on March 27, 2023 at 8:38 PM

Is there hopefully some limits on what the Initial Board is allowed to do? This sounds like a really bad agreement for you and the other buyers. If I read this a buyer I'd be scared. Is this a normal agreement for new developments? I'm in an already established building so I'm not sure. In our setup, a simple 51% majority can spend money that's already in the condo account, but it takes 75% to make an assessment (raise the monthly rates or do a one time charge to all units)

-CalicoKitty- t1_jdybtmc wrote on March 28, 2023 at 2:04 AM

I bought my condo from a developer who converted a triple decker, except he didn't buy any of the units. Our docs have identical wording except that the initial board ended when one unit sold.

I think it's clear you're getting screwed. Our condo is self managed and requires almost no work. Our HOA fees are all under $200 and covers master insurance, water and sewer, common electric, and maintenance. All bills are on autopay and I monitor them.

When maintenance needs to be done one of us volunteers to take the lead and we don't get paid for that. We might each do about 30 min of "work" per quarter which usually consists of changing light bulbs, ordering items on Amazon, phone calls/emails, and being there when the maintenance person gets there. It's certainly not something that should be compensated $1500/mo.