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…
Tag: Financial
Condo President Exempted From Special Assessment
P.W. from Broward County, Florida writes: Dear Mister Condo, My Condo Association is assessing unit owners for replacing electrical boxes and wires that go from the outside to inside the house. They agree that it is a common element, however, 2 unit owners replaced theirs on their own a few years ago without going through…
Condo Requires 25% Down Payment to Purchase
C.W. from Florida writes: Dear Mister Condo, Can a condo association demand 25% down payment on purchase? I have tenants who are living in the condo and want to buy it but they were told 25% down to buy it. I think this is crazy since they’ve been living there for years. Mister Condo replies:…
Condo Board Gives 2 Week Special Assessment Notice
D.D. from New Haven County, Connecticut writes: Dear Mister Condo, We have received a special assessment in addition to our HOA fees. It’s relatively large. They are telling us this 2 weeks before it’s due. Is that legal? Mister Condo replies: D.D., I am not an attorney so I cannot speak as to the legality…