J.W. from Massachusetts writes: Dear Mister Condo, Our 3-story parking garage has been condemned since September 2016. Those of us unit owners who parked in the garage have been forced to park outside or on a side road. The management team since September has been collecting full condo fees. Is this legal? Mister Condo replies: J.W., I…
Tag: Reserve Fund
Reserve Fund Problems Lie Under Leaky Condo Roof
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,…
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…