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…
Category: Selling
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…
Requirement for Condos to Have Working Smoke and Carbon Monoxide Detectors
D.R. from Fairfield County, Connecticut writes: Dear Mister Condo, Is it a Connecticut state law that condo units need to have smoke detectors and carbon monoxide detector? Mister Condo replies: D.R., common sense and safety dictate that working smoke detectors and carbon monoxide detectors save lives and should be in every home. Connecticut did pass…