What are the common elements in a condo association? What happens when one homeowner makes changes to common elements? And what happens when they don't check with the condo association board before making those changes? Q: I live in a rather small condominium building of seven units. As you can imagine, our finances are fairly [...]
What you need to know about being a condo owner: from the condominium association to voting on assessments, what’s expected of the owners? Q: As a new condo owner for last two years, I have enjoyed your recent column in our newspaper on condominium issues. I own a small condominium in a mid-sized building in [...]
This reader wants to know how condo assessments are determined because they don’t think their building developer got the ownership percentage split right. Q: Our building has six units, all the same size and layout. It is located in Illinois. The assessment percentage was designated by the builder and laid out in the declaration of [...]
Reserve funds for condos: what are the requirements? Mortgage lenders pay closer attention to reserve funds for condos as requirements have increased. Q: In trying to sell a condominium, the buyer was denied a loan due to the fact the condo/management association did not transfer 10 percent into the reserve fund. What are the requirements [...]
