S.P. from Delaware writes: Dear Mister Condo, My condo Board says they can foreclose on my condo because I have fallen behind in my common fees and haven’t been able to make a payment towards a Special Assessment levied earlier this year for a new roof. I say they can’t foreclose on my unit because…
Tag: Financial
Reallocating Condo Reserve Fund for Unusual Expenses
Anonymous from Connecticut writes: Dear Mister Condo, Could you comment on the definition of a condo’s “reserve account” and what it is intended for and how the funds can be used? For the past 10 years, our condo has been running smoothly but this year a few events happened that is well above our control. We…
Condo Audit Versus Condo Financial Review
P.M. from Worcester County, Massachusetts writes: Dear Mister Condo, What would a full HOA audit cost for 50 units? What’s the difference between an audit vs a financial review? Mister Condo replies: P.M., a condo audit is far more thorough than a condo financial review. There is a great blog post here on the very subject: https://communityfinancials.com/auditing-requirements-for-condominium-association-and-hoas/….
Condo Association Pays for Mistake by Condo Declarant
J.G. from Windham County, Connecticut writes: Dear Mister Condo, This question may best be addressed by our Condo Attorney but you may be able to provide some insight. We have a condo association of almost 100 single family units for “55 and older” owners. Our condo project has completed first two phases and 3rd & 4th…