A.J. from Middlesex County, Connecticut writes: Dear Mister Condo, I found out recently that the master insurance policy on this old house (1832) turned into condos in 1988, 8 units, was cancelled by the insurance carrier due to the condition. The president, who is almost 80 and president for 20 years, doesn’t live here fulltime,…
Tag: Financial
Condo Special Assessment Levied Unevenly
C.B. from Palm Beach County, Florida writes: Dear Mister Condo, We just got a 3-year assessment. The 1-bedroom units are being charged the same as a town house or 3-bedroom units. Is this Legal? Mister Condo replies: C.B., as you may know, I am not an attorney and offer no legal advice in this column. If…
Condo Property Manager is not Treasurer
J.E. from Fairfield County, Connecticut writes: Dear Mister Condo, I live in a 150+ unit CIOA-ruled condo. Our common charges are collected by the Property Manager.If he is being considered our Treasurer, isn’t that a conflict of interest? Mister Condo replies: J.E., I am not sure how someone is “being considered” the condo association’s Treasurer….
Restoring the Condo Reserve Fund Too Quickly
S.G. from Cook County, Illinois writes: Dear Mister Condo, Last year we elected the new condo Board of Directors. According to their budget analysis, they decided to increase the assessment each year by 15% to increase the reserve fund. Also, they decided at the same time to implement the 13-th month assessment to speed up…