MARCH 2025 ASSEMBLY
FAQ

With the help of AI to improve clarity, the following is a brief summary of key points related to the upcoming assembly.  Please find the page “UI Insights” for more background.

Explain the purpose for the March 22 general assembly.

On March 22nd, we will hold our first General Assembly meeting of the year. Please note that this is not our regular assembly where the annual budget and administrator are voted on. There are two primary topics for the March 22, meeting.

1.) The first item on the agenda is a planned motion to hire an attorney for the purpose of drafting a new Rules and Regulations (R&R) document for our condominium.

Purpose of the R&R Rewrite:

The primary objectives of this legal work are twofold: first, to clearly document each owner’s rights to specific exclusive common property, which has been inadequately recorded in our current documents. Second, to rectify an existing imbalance in the percentage coverage each building (sub-regime) holds within the master regime. This percentage directly impacts your condo’s Undivided Interest (UI), a crucial factor in determining your ownership stake. Please refer to UI Insights for additional background.

Understanding Undivided Interest (UI):

Your UI is calculated by first determining your condo’s percentage of its building’s total meters, as recorded in your deed or fideicomiso. This percentage is then multiplied by your building’s percentage coverage of the master regime. For example, if your condo represents 8% of its building’s meters, and your building holds 10% of the master regime, your final UI would be 0.8% (8% x 10%). Please refer to UI Insights for additional background.

Financial Implications and Future Approval:

The estimated cost for this legal work is approximately $80,000 USD. It’s important to understand that this meeting will not include a vote on the final approval of the attorney’s rewritten Regime Articles. That vote requires a 75% approval of all UI, a much higher threshold than the majority of those attending an assembly meeting. This means that owners must consider whether they support investing a significant sum in a project that will take months to complete, with no guarantee of final approval.

2.) The Second Order of Business: Surveillance Committee Selection

The upcoming meeting will include the selection of a new Surveillance Committee. This committee plays a vital role in ensuring sound condominium management and safeguarding the interests of all condominium owners.  The Surveillance Committee, responsible for critical oversight functions, must comprise an odd number of condominium owner members.

To optimize efficiency and ensure robust community participation, the committee should ideally consist of no fewer than three and no more than five individuals. One member shall be designated as President. Elections for committee membership will be held annually, with term lengths limited to one year, or as otherwise determined by a formal motion. Current members are eligible for re-election, with the exception of the member who has divested of their condominium interest.

Their key responsibilities include:

  • Oversight of Management: Ensuring the manager adheres to assembly resolutions and fulfills their duties.
  • Financial Scrutiny: Reviewing account statements, supervising reserve fund investments, and providing opinions on financial matters.
  • Contract and Work Approval: Overseeing contracted services and, when applicable, approving major works.
  • Owner Compliance: Assisting in addressing owner compliance issues.
  • Assembly Convening: Calling owner meetings under specific circumstances.
    Reporting and
  • Oversight: Reporting observations on condominium administration and addressing potential manager irregularities.
    Legal and City
  • Council Interaction: Requesting city council or notary presence as needed.
    Financial Account Management: Jointly managing checking accounts with the manager.
  • General Compliance: Fulfilling duties outlined in relevant laws, articles of incorporation, and condominium regulations.