J.M. from Illinois writes: Dear Mister Condo, I own a condo that I have updated the kitchen and bathrooms and worked with the Condo Association on this using one of their recommended contractors. All of the work seems to be good. Last December was the first time I saw a roof leak in my condo and,…
Category: Reserve Fund
Where Does the Unused Money in the Reserve Fund Go?
H.L. from New Haven County, Connecticut writes: Dear Mister Condo, Our PUD consists of 19 individual fee simple owners of 4 family rental apartments totaling 76 apartments. The Association is comprised of each owner owning 1/19 of the property the buildings stand on. The owners contribute each month to the maintenance of the buildings and…
Can the Board Establish Reserve Fund If HOA Developer Didn’t?
M.I. from Florida writes: Dear Mister Condo, FS 718 requires the Board to create a budget with funding reserves. Is the same required for an HOA? If the developer did not create reserves in an HOA can the Board do so on its own? Mister Condo replies: M.I., I am not an attorney and offer…
Condo Roof Needs Repairs but Other Unit Owner Won’t Pay
V.H. from Massachusetts writes: Dear Mister Condo, If our half of the roof is bad and needs replaced must our neighbor do the same? Mister Condo replies: V.H., as you may have noticed, I get many questions from owners of particularly small associations like yours. When there are two owners making up the association, problems…