M.L. from Aransas County, Texas writes: Dear Mister Condo, Our 100-unit condo complex has been “under construction” since 08/2017 after Hurricane Harvey. Shockingly, there are less than 25% of the units to punch list. We still have many buildings at studs. Our master policy has paid almost $15 million and, from what I understand, the…
Tag: Assessments
Condo Special Assessment Money Reallocated
A.D. from Hartford County, Connecticut writes: Dear Mister Condo, Our condo board has admitted to keeping a portion of owner’s monthly and payoff payments designated for special assessment loans, and using them for other purposes. Can they do this? Mister Condo replies: A.D., well, apparently, they could and they did! The question is should they have…
Compassionate Collection of Delinquent Condo Fees
J.D. from Broward County, Florida writes: Dear Mister Condo, I am Treasurer for my property. We are not a co-op. A unit owner cannot afford to pay monthly maintenance or assessment fees. The owner has stated such and sees no way they ever will be able to pay. The owner does say they will try…
Condo Board Decides to Carry Debt in Lieu of Assessment
B.S. from Lee County, Florida writes: Dear Mister Condo, Is my condo association allowed to carry $19,000 of debt due to shortfall in the roof reserves instead of an assessment? Mister Condo replies: B.S., I am sorry that your association is carrying debt. Ideally, the Reserve Fund would have been better funded but that apparently…