M.W. from Fairfield County, Connecticut writes: Dear Mister Condo, How far ahead can a Condo Association collect assessments for an upcoming major expense (Roof replacement). Our Board would like to assess owners 3 years ahead of the expense, can we do that? Mister Condo replies: M.W., as long as the rules for levying and collecting the…
Tag: Financial
Condo Complex Defects are the Tip of the Iceberg
L.M. from New Haven county, Connecticut writes: Dear Mister Condo, I have lived in a complex for nearly 25 years and while it’s fine, a new board and management company took over. The owners are responsible for their own windows, storm door and garage doors. I have replaced mine but some of the condos have…
Condo Owners Refusing to Pay Creates Delinquency Issues
S.M. from Ohio writes: Dear Mister Condo, There are a lot of delinquency problems at my condo due to poor previous management company. My question is how to collect effectively. Mister Condo replies: S.M., regardless of how the previous management company performed, it is the owners that didn’t pay their common fees and assessments as…
Annual Condo Financial Audits
P.S. from Atlantic County, New Jersey writes: Dear Mister Condo, Is our condo association required by New Jersey law to do an annual audit of its financials? Mister Condo replies: P.S., since I am not an attorney, I offer no legal opinions on any state’s laws. It is common wisdom that audits are a great…