Condominium Bylaws Condo With Bad Credit In Middlesex
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This can be particularly advantageous if you are concerned about protecting your home for your family in the event of financial difficulties. If you anticipate needing long-term care and wish to preserve eligibility for Medicaid (MassHealth in Massachusetts), placing your home in a trust may be beneficial.
The state administrative code requires the co-owners' association to maintain a reserve fund which, at a minimum, shall be equal to 10% of the association's current annual budget on a noncumulative basis. The funds shall only be used for major repairs and replacement of common elements.
Most iniums in Massachusetts are created as trusts, so the unit owners will elect a board of trustees to enforce the association's rules. The trustees are generally also owners in the inium or development. An association's primary responsibility is to serve its members.
