RockHockey t1_jdyh39n wrote

What does it say about Conflicts of Interest? The one I have says basically that the sole trustee can't contract with himself since there are no other trustees to ratify his action... but IANAL

Section 4.6. Self-Dealing and Trustees' Bonds and Liability. ....

Provided, however, that such contract, transaction or act shall be duly authorized or ratified by 100% of the Trustees who are not so interested and to whom the nature or such interest has been disclosed.


RockHockey t1_jdwibei wrote

My 24 Unit building pays $50 per month, Per Unit...

So yeah you're getting hosed.

Most small buildings are self-managed. The condo fee covers Master Insurance, Water, Snow Plowing, etc. and then they do an assessment for any project that is needed. My friend 3 unit building condo fee is $220, and they alternate who is in charge of the bills.