J.P. from Fairfield County, Connecticut writes: Dear Mister Condo, If condo makes decision not to rebuild, after major disaster, how is the money collected from insurance distributed? Mister Condo replies: J.P., it is highly unusual that an association would not rebuild although not unheard of. If your association has experienced this type of disaster, I have…
Tag: Financial
Leftover Money from Condo Hurricane Insurance Payout
B.B. from Collier County, Florida writes: Dear Mister Condo, My condo association received funds from an insurance claim filed regarding hurricane damage. Included in the claim were windows, a roof, and various other items. If the association wants to use some of the funds received in the settlement to purchase new windows for all owners…
Consumer Price Index Dictates Condo Common Fees
Dear Mister Condo, J.L. from South Carolina writes: I’m president of an 8-unit condo with no reserve. Current dues to each owner are $175, total, $1,400 monthly. By the time we pay all the routine bills and management $260/monthly, we are left w/ no money to do anything. I’ve tried to increase dues, but management tells me we…
Condo Loan Approval by Majority of Owners Required
E.L. from Hartford County, Connecticut writes: Dear Mister Condo, My condo association is in the process of attempting to take out a loan for common element repair (roofing and siding), and special assess all unit owners for each units’ share of the loan. The loan requires a majority of unit owners to vote “Yes” to…