J.C. from Morris County, New Jersey writes: Dear Mister Condo, Can a Condo Association, incorporated in New Jersey, borrow and pay back money from the Reserve Fund? These funds would be used for building code issues that the builder did not complete. It is for a 300 + unit association with several million dollars in…
Month: January 2020
Condo Insurance Broker Goes Broke!
S.B. from Broward County, Florida writes: Dear Mister Condo, We purchased condo insurance thru an insurance agent that is now going out of business. Is the broker who sold us the policy responsible for this? Or are we out of luck with the premium? We paid in full for one year. Mister Condo replies: S.B.,…
Illinois Condo Rules Resources
G.B. from Cook County, Illinois writes: Dear Mister Condo, Where do I go to find rules for condo units in my state, city, or county? I live in the city of Oak Lawn, state of Illinois. County of Cook. Mister Condo replies: G.B., great question! Start here: http://www.ilga.gov/legislation/ilcs/ilcs3.asp?ActID=2200&ChapterID=62 This is the link to the Compiled Statutes regarding…
Florida Condo Board Term Limits Do Exist (Kind of)
R.J. from Pinellas County, Florida writes: Dear Mister Condo, How long (term) years can a present board of director serve? I have been led to believe it is a max of 8 years in continuity – is this true? Appreciate your input. Mister Condo replies: R.J., the call for term limits for members for Board of Directors…