Henry Goodman – Condo Ownership… Be Advised!

Everyone who purchases a condominium in Massachusetts – and in most states in the country – is deemed to presume what is known in the condominium documents. S/he is presumed to know all of the rules and restrictions that are contained in those documents.

One of the biggest issues that condominium boards always seem to face relates to ignorance or lack of awareness of the regulations and restrictions by a unit owner. Every condominium owner should read the condominium documents, be mindful of the restrictions in those documents, and be satisfied that they are willing to comply with those restrictions. If not, don’t buy, because those rules are going to apply to you.

Most importantly, unit owners should understand that the board can make administrative decisions that will adversely affect them. Unfortunately, some unit owners think that rules were not meant for them.

The board will usually first warn unit owners who are in violation of a condo regulation, followed up with a fine or even a court appearance to prevent an uncooperative owner from being a continual annoyance to others. The board may even feel it necessary to consider retrofitting the building in more extreme cases.

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About cozbycpa

Heather L. Cozby is a CPA on the South Shore and Cape Cod. The managing partner of Cozby & Company, LLC, Heather has the resources and experience necessary to provide quality professional services on a timely basis and at a reasonable cost. She specializes in tax planning & preparation; audit, review & compilation services; management advisory services; bookkeeping; and accounting. Her unique niche is in working with homeowners’ associations and condominium trusts, advising with rental real estate, and providing outsourced financial consulting for mid-sized companies. She is more entrepreneurial than most accountants, and offers the best of both worlds - providing the services of a larger firm while retaining the ability to connect with her clients on a personal level.
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