Question:
We have a deficit the board is increasing the monthly maintenance/
The Board is dividing the deficit equally. Each unit pays the same dollar amount. I say that this wrong it should go by the percentage ownership as per our deed.
– Sheldon
Answer:
Hi Sheldon,
In New Jersey, the allocation of common expenses, such as deficits, must follow the terms set in the governing documents, typically the master deed or declaration. If your deed specifies that each unit’s share of expenses is based on percentage ownership, then the board cannot legally divide a deficit equally among all units.
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