J.L. from South Carolina writes: Dear Mister Condo, I am the president of an 8-unit condo in Greenville, SC. Most of the units are rented and no one seems to vote, attend meetings or care. We have 3 board members, but I am the only one active. My question… the complex is in dire need…
Tag: Financial
Condo Clubhouse Remodeling May Require Vote of Owners
Y.G. from Cook County, Illinois writes: Dear Mister Condo, Our condominium’s Board of Directors wants to spend 50% ($260,000) of Master Association’s budget ($520,000) for repair and renovation of our clubhouse. Do they need to call the condo owners meeting to approve such large expenditures? What max percentage of the budget they can approve for…
Requirement to Reveal a Possible Condo Special Assessment
R.B. from Fairfield County, Connecticut writes: Dear Mister Condo, If a Special Assessment is already voted on by the Board (i.e. all units will be assessed $X in 6 months), isn’t it the responsibility of the Property Manager to reveal this in the Resale Certificate? My understanding is that until the assessment is made ‘official’,…
Condo Reserve Funds Turned Over to Board President
R.S. from Hawaii writes: Dear Mister Condo, The condo president changed management services and requested that the Reserve Funds be turned over to him. The former management service company complied based on his request alone and now the president is in complete possession and control of the monies. Was the former management service wrong to…