Q&A: Paying for the Elevator
March 23, 2008
Q We own a condominium in a 10-unit building. The elevator needs a major overhaul, estimated to cost about $50,000. We live on the first floor and hardly use the elevator. Why do we have to pay for something we do not use?
A Lior Aldad, a Manhattan real estate lawyer, said that when a person buys into a condominium, the deed grants him or her a percentage ownership of the common elements of the building.
Most condominium bylaws provide that the cost of maintaining the building’s common elements is to be borne by all unit owners. So, unless the bylaws provide otherwise, the letter writer would have to contribute to the elevator overhaul.