There are few feelings worse than encountering an unexpected expense and finding the piggy bank empty. That is why reserve funds and reserve studies are such important elements in the financial well-being of co-ops, condos and homeowners’ a…
Money, money, money. The world runs on it. And your building’s well-being depends on it. The issue is not just having funds, but managing them. Handling the purse for an entire building or HOA is a major responsibility, and boards -- even …
You work hard and try to put money away to be used for a rainy day —hoping of course that that ‘rainy day’ is a long-awaited trip to somewhere fabulous and tropical. Then, boom—the brakes on your car suddenly go, or one of the kids needs br…
Co-op, condo and HOA living represents a unique social arrangement; it’s a paid-for membership club and a home at the same time. Many people enter into this arrangement without a complete understanding of the responsibilities of membership.…
Q. Is it typical for an association to hire an attorney on a contingency basis in order to start the process of attempting to collect arrears? Our management company went forward with this action without an official board vote. In one in…
Q. Can a husband and wife serve at the same time on a condo board, or is it a conflict of interest? The husband is the president and the wife is the treasurer. There are three board members in a 13-apartment condo complex. …