C.M. from Hartford County, Connecticut writes: Dear Mister Condo, My complex is only 24 units (6 buildings). Built in 1989 and bylaws are quite outdated but we can’t afford to update right now. We’ve had a few special assessments in the past year so finally got a copy – reading and researching. Couple of things. We…
Tag: Assessments
Condo Surplus of Funds Can be Transferred to Reserve Fund with Proper Vote of Owners
D.M. from Hartford County, Connecticut writes: Dear Mister Condo, Our small common interest property ended the fiscal year with a surplus of funds. How should these funds be accounted for? Can we simply vote to deposit to our long-term capital account? Mister Condo replies: D.M., I am happy to hear that your association had surplus…
Condo Loan Needed for Unfunded Roof Replacement
K.C. from New Haven County, Connecticut writes: Dear Mister Condo, Our community is in the process of obtaining bids for roof replacement. We will need to take out a loan to cover the costs, and will need to raise condo fees over the next few years to repay the loan while also building reserves for…
Property Values Plummet in Poorly Maintained Condo Association
L.S. from Hartford County, Connecticut writes: Dear Mister Condo, What can you do if the management company doesn’t enforce the bylaws of owners the condo complex is turning into such a mess. Damaged windows, ripped screens, garbage on decks, signs in windows. It’s so disappointing. Letter after letter, nothing gets results. Now my property values…