September 4 2014: How Common Areas are Held
A question came up as to how the common areas are held, particularly in looking at whether a tax deduction could be claimed. This explanation might also be helpful when filing your insurance claim. It might help bolster the argument of ownership for recovering monies for the code upgrades.
According to Janet Aronson, the Trust’s attorney, “Each owner owns an undivided interest in the common areas. So the Unit Owners of the Condominium collectively own the common areas in accordance with the percentage interests as set forth in the Master Deed as amended. The common areas are not owned by the Trust. Also, the common areas are not collectively held by the unit owners as tenants in common – you each own an undivided percentage interest that you can freely convey (only with your Unit).”
A Building:
A1: 3.270%
A2: 1.920%
A3: 3.770%
B Building:
B1: 4.940%
B2: 2.930%
B3: 4.690%
B4: 2.850%
B5: 2.930%
B6: 2.850%
B7: 2.850%
B8: 2.750%
B9: 2.850%
B10: 3.770%
C Building:
C1: 3.020%
C2: 5.860%
C3: 3.020%
C4: 2.930%
C5: 4.440%
C6: 2.930%
C7: 2.850%
C8: 4.190%
D Building:
D1: 3.270%
D2: 4.770%
D3: 4.100%
D4: 5.610%
D5: 4.020%
D6: 6.620%