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…
Tag: Reserve Fund
Failed Condo Heating System from the 1960’s Not Groovy!
K.M. from New Haven County writes: Dear Mister Condo, Our condominiums were built in the 1960s. Our Community consists of 3 buildings with 14 condos in each building. (7 on the lower level and 7 upper level). Our buildings are built on concrete slabs. Our heating pipes are in the concrete slabs. There is one…
Condo Owners Needs to Pay and Save for Current and Future Roofs Replacement Now
V.S. from Rockland County, New York writes: Dear Mister Condo, My ceiling has been leaking for months. The buildings need new roofs. No money even though there’s been several assessments and a raise in HOA charges. They say they are replacing roofs on a need to need basis. The more serious ones first. They have…
Paving Special Assessment is not a Reserve Fund Builder
B.A. from Oakland County, Michigan writes: Dear Mister Condo, For 2 years we have paid a special assessment for new roads/parking areas within our complex. The board has collected the money and placed it in a Reserve Account. It has come to our attention that more than enough has been collected in the first 18…