When purchasing a condo in Manhattan, homeowners' association fees can seem perplexing, especially when fees for renovated units are lower. The fees for each unit are determined by predetermined shares established when the condo was created, as specified in a document called Schedule A in the offering plan. These shares do not change unless all affected unit owners consent. Factors such as unit size and floor location are considered, but there is flexibility in calculations, leading to potential disparities in fees even among comparable units.
As a buyer, it might seem strange that the homeowners' association fees don't match up with the condition of the condominium unit.
The percentages, which determine monthly fees, are set forth in a document called Schedule A in the condominium's offering plan.
There are four methods for setting these percentages under the law, and typically the size of the unit and the floor it's on play a role.
The law also allows for assigning an equal percentage to every unit, or an equal percentage to all units within a class.
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