D.R. from Fairfield County, Connecticut writes: Dear Mister Condo, Is it a Connecticut state law that condo units need to have smoke detectors and carbon monoxide detector? Mister Condo replies: D.R., common sense and safety dictate that working smoke detectors and carbon monoxide detectors save lives and should be in every home. Connecticut did pass…
Tag: Selling
Board Approves Investor-Owned Condo Unit Sale as Hardship
V.F. from Connecticut writes: Dear Mister Condo, An Investor just signed a contract to purchase a unit in our complex, we have a bylaw that requires an owner to own a unit for 8 months before “requesting” to lease their unit. Exceptions can be granted for HARDSHIP situations. The unit that was up for sale…
Reserve Fund Credit for Condo Sellers
P.T. from Erie County, New York writes: Dear Mister Condo, Regarding a condominium’s capital reserves: when an owner sells his unit, is he also entitled to receiving a credit from the purchaser for the amount of capital reserves (the pro-rata amount based on the total number of units) on account at time of the sale?…
Preparing Condo’s Initial Public Offering Statement
K.T. from Snohomish County, Washington State writes: Dear Mister Condo, What is a good estimate to use for budgeting in the cost of preparing a Public Offering Statement? Mister Condo replies: K.T., Public Offering Statements (POS) for condos can be quite tricky and typically require input of several professionals familiar with similar type associations in…