Proposed Amendment to Master Deed: Transfer Fee

The FSHA Master Deed Section 19 currently provides for collection of two (2) months regime fee upon sale (transfer) of an apartment. Examples of other association fees are:

Factors Walk and Laurens Place = 2 months of regime fee
The Tides = 3 months of regime fee
Anson House = 6 months of regime fee

The Board proposes that we increase the FSHA transfer fee to three (3) months regime fee. FSHA lawyer, Capers Barr, has recommended the following language for an amendment to replace Section 19:

Regime Working Capital: By acceptance of a deed to an Apartment, each Owner expressly and affirmatively acknowledges that an initial working capital assessment shall be established and collected in an amount equal to THREE (3) months of the then current annual assessment. Any unpaid working capital assessment shall become a lien against the Apartment in the same fashion as any other Assessment levied under the Master Deed.

Ballots must be received (postmarked) not later than December 31, 2014.

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