G.J. from Boston writes:
Dear Mister Condo,
Our building was converted to condominiums on October 15, 1985. I need help explaining to one of the owners that the percentage of ownership is based on more than unit square footage (unit value, unit level in the building etc.).
Mister Condo replies:
G.J., there are lots of factors that go into determining the percentage of unit ownership formula in use at most condominiums. You have touched on a few of the possible factors. Obviously square footage is easily understood but factors like which floor of the building, water views, balconies and much more can go into the calculation. The developer or building converter in your case is free to set the formula as they see fit at the time they build or declare the conversion. The formula should be published in your condominiums documents and they are the law of the land. At the time the declaration was made that converted the building from apartments to condominiums that formula was included as part of the condominium documents. Buyers agree to abide by the formula when they purchase a unit within the association. That’s why it is such an important part of their condo documents. Good luck!