This By-Laws document for a condominium association contains information concerning: restrictions, the board of directors, and the advisary committee.
Condominium Bylaws Condo With Hoa In Middlesex
Category:
State:
Multi-State
County:
Middlesex
Control #:
US-00452
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
The rules found in the Massachusetts inium Act include mandatory provisions that must be included in the bylaws, interests in common areas of the inium, and expenses incurred by the unit owners' association. The provisions also explain the fundamental attributes of a inium.
Federal laws - In addition to state law regulations, the federal government has laws that govern the operation of homeowners' associations, iniums, and other residential properties in the state of Massachusetts.
Inium is a Latin word that means "Owning property together." That's what it is like when someone buys a condo unit. They have an "interest" in the land beneath the building, but the building's association owns the actual land.
In Massachusetts, homeowners' associations, also called HOAs, are not governed by a particular law in the way that inium associations are. Generally, iniums are preferred by developers when trying to create housing arrangements with shared common spaces among different unit dwellers.
Homeowners within the community elect a board of directors to oversee the association and enforce the community's CC&Rs (covenants, conditions, and restrictions).
But it can be done – here's how: Proposal of amendment. The first step consists of a proposal describing the changes to the law or covenant. Discuss the amendment at a meeting. The board will then discuss the proposed amendment at a board meeting. Votes. Counting the results. Amendment approval. Documenting the amendment.
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.