S.M. from Ohio writes: Dear Mister Condo, There are a lot of delinquency problems at my condo due to poor previous management company. My question is how to collect effectively. Mister Condo replies: S.M., regardless of how the previous management company performed, it is the owners that didn’t pay their common fees and assessments as…
Category: Common Fees
Condo Association Can Foreclose on Mortgaged Condo
S.P. from Delaware writes: Dear Mister Condo, My condo Board says they can foreclose on my condo because I have fallen behind in my common fees and haven’t been able to make a payment towards a Special Assessment levied earlier this year for a new roof. I say they can’t foreclose on my unit because…
Paving Special Assessment is not a Reserve Fund Builder
B.A. from Oakland County, Michigan writes: Dear Mister Condo, For 2 years we have paid a special assessment for new roads/parking areas within our complex. The board has collected the money and placed it in a Reserve Account. It has come to our attention that more than enough has been collected in the first 18…
Condo Reserve Fund Contribution versus Operating Fund Surplus
C.D. from Sarasota County, Florida writes: Dear Mister Condo, Florida condo. Budgeting – I understand there are 2 parts to the budget: a. the yearly operating budgetb. the reserve budget (spending plan). Our membership votes annually to approve the operating budget proposed by the board, and separately approves our reserves spending plan (we are “pooled reserves” although…