A.J. from Middlesex County, Connecticut writes: Dear Mister Condo, I found out recently that the master insurance policy on this old house (1832) turned into condos in 1988, 8 units, was cancelled by the insurance carrier due to the condition. The president, who is almost 80 and president for 20 years, doesn’t live here fulltime,…
Category: Selling
Questionable Special Assessment Disclosure Douses Condo Sale
K.L. from Onslow County, North Carolina writes: Dear Mister Condo, Can I sue my HOA for lost money on a condo sale because they prematurely published an engineering report to owners detailing possible exterior wall work? The treasurer ballparked possible special assessment costs which were unconfirmed-material fact must be disclosed-however the work was not voted…
Who Exercises the Right of First Refusal on a Condo?
A.S. from Fairfield County, Connecticut writes: Dear Mister Condo, Who decides in an association regarding the right of first refusal, either yes or no on the resale certificate, the board or the company that manages the association? Mister Condo replies: A.S., most condominium associations have a stipulation that whenever a unit within the association is…
HOA Profits from Sale of an HOA-Owned Unit
R.M. from Hartford County, Connecticut writes: Dear Mister Condo, Our association is considering selling a unit owned by the HOA. I am wondering the net proceeds after any costs, taxes, etc., how would it be classified in the balance sheet. Would it be operating? Would it be considered surplus and distributed back to the unit…