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Caraless_While22 OP t1_jdyd2gs wrote

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

I pulled up chapter 183a since it was listed in the legal docs--there are lots of sections and lots of details to read through.

One question--Property manager is currently sole trustee and there was never a contract for him being the property manager. He is the only one who has access to the bank account so how would we even fire him? I don't think we have that power?!

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RockHockey t1_jdydzym wrote

The unit owners pick the trustees

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Caraless_While22 OP t1_jdyepkp wrote

Yes, but in the condo docs he is sole trustee until 4 months after last unit sells. It sold last week, so unless he is willing to step down early, we have him for 4 more months!

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RockHockey t1_jdyfspj wrote

That is very unusual for you to have no powers for 4 months... Was just looking at my friends and it says 4.1.1: Upon the conveyance of all the Units of the Condominium ... the Unit Owner(s) then of record each shall have the right to appoint one (1) Trustee.

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Caraless_While22 OP t1_jdyg3jc wrote

Maybe this is all part of his scam....quick $6k before he vanishes on us.

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RockHockey t1_jdyh39n wrote

What does it say about Conflicts of Interest? The one I have says basically that the sole trustee can't contract with himself since there are no other trustees to ratify his action... but IANAL

Section 4.6. Self-Dealing and Trustees' Bonds and Liability. ....

Provided, however, that such contract, transaction or act shall be duly authorized or ratified by 100% of the Trustees who are not so interested and to whom the nature or such interest has been disclosed.

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Caraless_While22 OP t1_jdyiksk wrote

If only it was written in plain English, so the average person could understand it. This is an excerpt from the conflict of interest section that seems to me like he can do whatever he wants..

It is understood and permissible for the Initial Board hereunder and any other trustees designated by the Initial Board or who are employed by or affiliated or associated with the Declarant, to contract with the Declarant and any corporation, firm, trust or other organization controlled by or affiliated or associated with the Declarant without fear of being charged with self-dealing.

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RockHockey t1_jdyjb2f wrote

Sounds like it, hope he doesn't demand your first born child these first 4 months....

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