G.H. from outside of Connecticut writes: Dear Mister Condo, What are the recommended best practices for boards to abide by when deciding whether, or not, to adjust annual Reserve Fund contributions to take inflation and interest on reserves into account? Is there any liability assumed by a Board if they do not take these two…
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Condo Board Service or Amenity?
S.J. from outside of Connecticut writes: Dear Mister Condo, I am an original owner of a townhouse condo since 1987 in a Florida condominium of more than 100 units. Ever since conception of this condominium in 1987, every unit has had a security system monitored and paid for through our association maintenance fees. This is…
New Jersey HOA Reserve Fund Law
C.I. from New Jersey writes: Dear Mister Condo, Is there a New Jersey State Law that determines what amount of money should be in a Reserve fund for a Townhouse community of 122 units. Mister Condo replies: C.I., thank you for writing. The subject of Reserve Funds is near and dear to my heart because…