D.D. from Mercer County, New Jersey writes: Dear Mister Condo, Can an HOA impose a Special Assessment to simply increase the Capital Reserve? The Board failed to fund the Reserve at an appropriate level in previous years and wants to catch up; no Capital improvements are planned. Mister Condo replies: D.D., New Jersey and several…
Tag: Financial
Condo Board Changes Use of Special Assessment Funds
H.H. from New Jersey writes: Dear Mister Condo, Does a special assessment, one that is designated and collected for monthly for three years, have to be put in a separate account or can it be transferred to a reserve account where it could be used for work other than originally specified? Mister Condo replies: H.H.,…
Previous Condo Trustees Shirked Responsibilities
G.A. from outside of Connecticut writes: Dear Mister Condo, I live in a small, self-governed condo building. The outgoing Trustee recently appointed me as the replacement, as the other owners “don’t want to deal with it.” I found myself pouring over the finances and condo docs. I realized: 1. we were bleeding money as instead…
Condo Roof Needs Repairs but Other Unit Owner Won’t Pay
V.H. from Massachusetts writes: Dear Mister Condo, If our half of the roof is bad and needs replaced must our neighbor do the same? Mister Condo replies: V.H., as you may have noticed, I get many questions from owners of particularly small associations like yours. When there are two owners making up the association, problems…