Burnt Tavern Manor Condominium
Percent Interest Responsibility
Burnt Tavern Manor Condominium, like all condominium communities, uses a specific method to determine the proper and fair maintenance fee assessments, due and required from each of it’s owners, in order to manage the business administration and property maintenance. This, like any business, is vital to the preservation of the owners huge personal investment in their community, and to the promotion of growing increased home value throughout the years.
With many communities, the fees are evenly divided among each of the condo units and everyone pays the exact same amount each month. With others, the community is made of different types and sizes of condo units and this requires a slightly differnt approach. Since the overall amount of repair costs is the true aspect to determine owner responsibility to the costs of the managing the community, properties with more items and larger items to repair have a larger responsibility to the community. A simple and easy way to understand this, for anyone never in a position to share in the cost of a small community, is to think of the cost of a larger home with more bedrooms will typically have a higher property tax fee, than a smaller one bedroom house. Because of the smaller amount of land and the smaller amount of town services required, the tax requirement is less on the owner who needs less cost of services from the town’s budget. So it is with a condominium community. If the home has less roof shingles to replace or less exterior siding to repair/replace then that unit requires less funds from the yearly budget. In contrast, a home with many bedrooms and much bigger roof to repair and a lot more items to repair on the exterior, will pose a greater cost to community budget every year.
Burnt Tavern Manor Condominium has this latter type of costs. The community is made up of three styles of units. Namely, apartments, villas and townhouses. The apartments, with either a exterior balcony or covered porch, for their specific use. The villas style townhouses, with no specific exterior easements. The apartments and villas have approximately the same square footage and thus are required to pay the same maintenance fees on a monthly basis. The townhouses, which have more than 1,350 square feet of living space, with over 400 square feet of exterior easements, in the form of an exclusive front yard and a fenced in rear yard, are required to contribute more to the community to provide a balance in the costs, to maintain.
Master Deeds are used to define the overall community. Personal deeds, for each of the individually owned units, continue to define the same “Percent Interest” requirement as defined in the Master Deed. For current owners, they need only take a look at their own deed. For those who can’t find their copy or for those interested and thinking of investing in the Burnt Tavern Manor Condominium, obtaining a copy is free and easy.
Need help with getting a FREE copy? Contact THE STAFF and we’ll help you get your copy.