R.S. from Missouri writes: Dear Mister Condo, I am a condo unit owner for 13 years. I recently experienced my third interior damage leak from rotted siding and decades old flashing. Would the HOA be responsible for the cost of these repairs? My monthly common includes maintenance of the exterior of the unit. Thank you!…
Tag: Reserve Fund
Condo Reserve Fund and Operational Fund Should Not Be Same Account
E.B. from Litchfield County writes: Dear Mister Condo, Can you refer me to a good article I can share with the board relating to using Reserve Funds and Operational Funds? I have some board members thinking it is one big pot of money! I would like to show them an explanation. Mister Condo replies: Sure…
Late Fees on Condo Special Assessment
R.S. from outside of Connecticut writes: Dear Mister Condo, Can late fees be charged on special assessments if the condo documents allow late fees on assessments but do not specifically state late fees are allowed on “special assessments”? Are “special assessment” just assessments when it comes to late fees? Mister Condo replies: R.S., unless your…
Condo Board Liability for Underfunding the Reserve Fund
G.H. from outside of Connecticut writes: Dear Mister Condo, What are the recommended best practices for boards to abide by when deciding whether, or not, to adjust annual Reserve Fund contributions to take inflation and interest on reserves into account? Is there any liability assumed by a Board if they do not take these two…