Most condo owners who live in a condo that requires a special assessment are faced with a dilemma. Should they pay the special assessment for the repairs that are scheduled to be made to the building? Or, should they vote to have the condo terminated, and have their...
A special assessment is a charge imposed by an HOA on its members for a specific purpose, such as capital improvements or repairs and maintenance. Special assessments are typically levied in addition to the regular monthly or annual assessment. Special assessments are...
Anytime maintenance is deferred, it improves a Condo Association’s cash flow in the immediate term. There are times when this is extremely valuable and necessary, but it does not eliminate the required maintenance from happening sometime in the near future. Often,...
Condo terminations are usually a complicated and stressful situation to navigate. There is a sour taste in many long-term condo owners’ mouths from the termination attempts in the aftermath of the Global Financial Crisis of 2008-9 when vacant condos led some...
Bylaws, covenants, and restrictions are not meant to stay relevant forever – whether it be demand from homeowners, expiration, or societal changes, your board will need to be prepared to change or update its covenants and restrictions at some point. To function well,...
