D.D. from New Haven County, Connecticut writes: Dear Mister Condo, We have received a special assessment in addition to our HOA fees. It’s relatively large. They are telling us this 2 weeks before it’s due. Is that legal? Mister Condo replies: D.D., I am not an attorney so I cannot speak as to the legality…
Tag: Assessments
Reallocating Condo Reserve Fund for Unusual Expenses
Anonymous from Connecticut writes: Dear Mister Condo, Could you comment on the definition of a condo’s “reserve account” and what it is intended for and how the funds can be used? For the past 10 years, our condo has been running smoothly but this year a few events happened that is well above our control. We…
Single Condo Building Maintenance Paid for by All Owners
V.S. from Putnam County, New York writes: Dear Mister Condo, My condo association just put in new roofs and walk ways and stone work. They increased the common charges for the work that was done. My question is that not every unit got stone work. I suggested at the last meeting they the units that…
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…