I purchased interest in a Florida condo from my Mother, after my Father died and she could not keep up with the paperwork. I own 7 months (Sept thru March) and the other partner owns 5 (April thru August). Originally my parents owned 4 months, but purchased a third partner's 3 months (Jan thru March) in 1994. By owning 7 months, my Father was named "Trustee". He also believed this meant he held "majority vote" (controlling interest?) in the condo because he owned 7 months versus the other partner's 5 months.
Since 1994 my Father paid 7/12ths of all bills, taxes, repairs - and I have done the same since 2002 (when my Father died). Each month the other partner and I contribute a combined total of $1,200 into our "Condo Checking Account": $700 as my 7/12ths portion, and $500 as his 5/12ths portion. As Trustee I manage this account, and use it to pay any expenses, repairs, insurance, taxes, etc. (I receive no monetary compensation as Trustee.)
Last summer, without discussion, the other partner gave away the condo's 18" tv and the large armoir (a major component of a matched LR and DR beach-theme set). He replaced it with a 50-inch rear-projection television atop a "modern" silver and glass table. He sent me a letter in late June, and only stated he had replaced the television and told me how much it cost (for reimbursement from our "condo account"). I assumed our tv had died (it was 20 years old) - but the replacement price seemed VERY excessive ($1,431), and I decided to postpone payment until I saw the television September 1st.
As soon as I saw it I called to say I was not at all happy with the decisions he'd made, and we were going to have to work out a compromise. He said neither my permission nor consultation was needed because his 5 summer months were more valuable than my 7 months. I countered we both owned the property, and at the very least I should have been consulted before any mutually owned property was "given away" - especially since I had been led to believe I had majority vote; and, was now expected to live with and pay for a majority share of his decision.
I need an interpreter. The proceeding is part of our 4 page "Trust Agreement" that concerns ownership interest:
1. Ownership of the condo will be divided by interests. The ownership interests will be defined by the time each of the partners agrees to occupy the unit. The partners have purchased and have the right to occupy the unit according to the following schedule: Partner A - Sept through Mar; Partner B - April through August
2. Each partner agrees to own the condo in an undivided ownership interest.
3. Each partner will have the responsibility to contribute a prorata portion of the cost of upkeep and maintenance of the unit.
4. It will be the responsibility of the Trustee to propose guidelines, regulations, and other procedures to be followed by the partnership.
5. The partnership may modify, approve or disapprove any proposal submitted by majority vote.
As I stated, I am listed as Trustee in the "Trust Agreement". I pay 7/12ths of all fees, repairs, assessments, taxes, etc. Do I have "majority vote" if we cannot find a compromise? (And by contributing only 5/12ths of the costs for 14 years, has the other partner agreed to not having controlling interest?)
I appreciate your help.
P.S. I live in MD, he lives in LA; but the Trust Agreement states that FL law will be followed in any legal disputes.
Since 1994 my Father paid 7/12ths of all bills, taxes, repairs - and I have done the same since 2002 (when my Father died). Each month the other partner and I contribute a combined total of $1,200 into our "Condo Checking Account": $700 as my 7/12ths portion, and $500 as his 5/12ths portion. As Trustee I manage this account, and use it to pay any expenses, repairs, insurance, taxes, etc. (I receive no monetary compensation as Trustee.)
Last summer, without discussion, the other partner gave away the condo's 18" tv and the large armoir (a major component of a matched LR and DR beach-theme set). He replaced it with a 50-inch rear-projection television atop a "modern" silver and glass table. He sent me a letter in late June, and only stated he had replaced the television and told me how much it cost (for reimbursement from our "condo account"). I assumed our tv had died (it was 20 years old) - but the replacement price seemed VERY excessive ($1,431), and I decided to postpone payment until I saw the television September 1st.
As soon as I saw it I called to say I was not at all happy with the decisions he'd made, and we were going to have to work out a compromise. He said neither my permission nor consultation was needed because his 5 summer months were more valuable than my 7 months. I countered we both owned the property, and at the very least I should have been consulted before any mutually owned property was "given away" - especially since I had been led to believe I had majority vote; and, was now expected to live with and pay for a majority share of his decision.
I need an interpreter. The proceeding is part of our 4 page "Trust Agreement" that concerns ownership interest:
1. Ownership of the condo will be divided by interests. The ownership interests will be defined by the time each of the partners agrees to occupy the unit. The partners have purchased and have the right to occupy the unit according to the following schedule: Partner A - Sept through Mar; Partner B - April through August
2. Each partner agrees to own the condo in an undivided ownership interest.
3. Each partner will have the responsibility to contribute a prorata portion of the cost of upkeep and maintenance of the unit.
4. It will be the responsibility of the Trustee to propose guidelines, regulations, and other procedures to be followed by the partnership.
5. The partnership may modify, approve or disapprove any proposal submitted by majority vote.
As I stated, I am listed as Trustee in the "Trust Agreement". I pay 7/12ths of all fees, repairs, assessments, taxes, etc. Do I have "majority vote" if we cannot find a compromise? (And by contributing only 5/12ths of the costs for 14 years, has the other partner agreed to not having controlling interest?)
I appreciate your help.
P.S. I live in MD, he lives in LA; but the Trust Agreement states that FL law will be followed in any legal disputes.
