It's a profound story of how reserve funds can go seriously awry—within months of buying an apartment in a new New York City building, David and all his new neighbors were informed that they would have to contribute out-of-pocket to help…
One of the more complicated issues that occasionally faces an association is what to do if a homeowner becomes delinquent in paying their monthly common charges. While financial problems are a burden on the homeowner first and foremost, …
The New Jersey Division of Taxation is cracking down and performing more sales/use tax audits of Common Interest Realty Associations (CIRAs) of all types—co-ops, condominium associations, and apartment buildings—than ever before. There a…
Buy a motor home and travel the country. Pay for grandson Johnny's college education. Fix up that old kitchen you've been complaining about for decades. These are things you've been wanting to do for years and years, but, though you've w…
Unexpected repairs are part of owning a home. For owners of single-family houses, the process is simple: Something needs fixing or replacing, and you call a contractor and get the work done. You may not be happy about it, but you accept …
Planning is the key to maintaining a balanced budget for co-op and condo associations. Knowing your budget, predicting expenses, even predicting the unpredictable are all vital components to having a sound bottom line and keeping your sh…
In a co-op or condo community, the responsibility of the homeowners association goes beyond setting house rules. The association also has a fiduciary responsibility to collect maintenance fees from its residents, create a budget to accou…
There are as many different kinds of co-op buildings, condo associations, and HOAs as there are people who live in them. Different types of communities often have very different ways of hammering out policy and directing their own day-to…
There is a common misconception that legal costs are fixed and that lawyers should be treated differently than other vendors who are subject to the rules and requirements of a competitive bid process. Not so, says James A. Judge, Esq., a…
Running a condo or co-op association is a lot like owning your own home, but on a much larger scale. Like with any home, needs for various repairs come up from time to time. But unlike an individual homeowner, development managers c…