Small, self-managed, poor maintained condo in MA is trying get the property up to par. The problem is the extent of work requiring Special Assessments, as the association has only been in existence for ten years and have not accumulated reserves.
The question arises with maintenance for Capital Improvements. We received a reasonable maintenance quote for the external repair and paint. Other owners would like to tear off existing and replace with a new product at triple the cost. Divided three way, the proportional interest will exceed 10% of two of the units' value.
According to MA Condo Law, the Capital Improvement (not maintenance) that exceed 10% of a unit's value can be challenged in court.
Can someone provide more in depth detail on initiating the challenge process, the best way to accurately value the unit, if representation is possible, and what the possible/probable outcomes of a court challenge would be?
Thank you in advance for your help.
Answers (12)
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