Assessments Common Fees Condominium Financial Legal Reserve Fund

Minnesota Condo 10% Reserve Fund Requirement Questioned. Uff Da!

G.B. from Minnesota writes: Dear Mister Condo, What is the requirement for a reserve fund maintained by a condo association? In Michigan the law reads “maintain a reserve fund, which the annual funding, at a minimum, shall be equal to 10% of the association’s current annual budget on a noncumulative basis.” How do you interpret this? Are we required to put in 10% of our budget every year, regardless of how much we accumulate in…

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Board Communications Condominium Governance

Condo Unit Owner Correspondence Not Being Read at Unit Owner Meetings

A.C. from New London County writes: Dear Mister Condo, Does the secretary have to read correspondence received at a unit owners meeting? Mister Condo replies: A.C., the Board Secretary has many important roles. Sending and receiving correspondence from unit owners and even other folks outside the association is one of those roles. The fact that there was correspondence should be entered into the Minutes of the Meeting. The exact details of the correspondence does not…

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Assessments Board Common Fees Condominium Financial Governance Legal

Condo’s Percentage of Unit Ownership Formula Not Being Followed

J.A. from outside of Connecticut writes: Dear Mister Condo, I live in a six-unit condo building. Three of the units are 2 bedrooms and 3 are one bedrooms. We have always paid our maintenance, repair and replacement of common elements, and assessments, in proportion to the % of ownership. Recently we had to buy a new boiler for the building and in a casual email the 3 bedroom owners and 2 of the 3 one…

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Board Communications Condominium Governance Legal

Unit Owner’s Fiancé Banned from the Community Association

P.S. from New Hampshire writes: Dear Mister Condo, I have lived with my fiancé for over 5 years. At times we have fought and screamed at each other for many different reasons and I know that we live in a Condo with close neighbors and that our fighting at times was heard by them. We have never harmed each other or any property, we just yelled and screamed at each other for various reasons. Well,…

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