J.M. from Illinois writes: Dear Mister Condo, I own a condo that I have updated the kitchen and bathrooms and worked with the Condo Association on this using one of their recommended contractors. All of the work seems to be good. Last December was the first time I saw a roof leak in my condo and,…
Tag: Reserve Fund
Where Does the Unused Money in the Reserve Fund Go?
H.L. from New Haven County, Connecticut writes: Dear Mister Condo, Our PUD consists of 19 individual fee simple owners of 4 family rental apartments totaling 76 apartments. The Association is comprised of each owner owning 1/19 of the property the buildings stand on. The owners contribute each month to the maintenance of the buildings and…
Can the Board Establish Reserve Fund If HOA Developer Didn’t?
M.I. from Florida writes: Dear Mister Condo, FS 718 requires the Board to create a budget with funding reserves. Is the same required for an HOA? If the developer did not create reserves in an HOA can the Board do so on its own? Mister Condo replies: M.I., I am not an attorney and offer…
Condo Owners Question Special Assessment When Reserve Fund is Available
K.L. from Outside of Connecticut writes: Dear Mister Condo, Should repairs be paid for from reserves or special assessment? Our 30-unit condo is looking at a $200,000 bill to replace and reroute utility lines that apparently weren’t properly installed when the complex was built in the early 2000’s. We have a little over $400,000 in reserves….