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Condo Association Management Questions

Posted on Thu, Jan 29, 2009 @ 07:37 PM
  
  
  
  
  
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How to start a condo association?
I’d imagine you need a real estate lawyer to help form an HOA or condo association and create all the condo docs including association by-laws.

What are condo association responsibilities?
The association is responsible for the upkeep, maintenance and management of the association’s community property.

Where to locate security cameras on condo buildings?
That depends on your building.

Who should select condo trustees?
That should be part of the association by-laws. Generally speaking, association members elect other association members who they think share their best interests.

What are the insurance requirements for condo associations?
I don’t know how minimums are established.

What’s the best way to finance condo repairs?
If your association doesn’t have the money, it can assess it’s members or take out a condo association line of credit and borrow the money.

What does a community condo manager do?
Just about everything. It varies depending on the community’s needs, but they can do everything from maintenance, to collecting condo fees to providing social activities for association members.

What goes into a condo association fee?
Condo fees pay to for the daily upkeep of the community property and their common areas.

 

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Comments

Condo management begins with the Property Managment Company
What goes into a management firms fee?
Do you have any idea??
Posted @ Friday, January 11, 2008 8:02 AM by Ray D
In the case of our condo association, the monthly fee mostly includes: vendor management (dealing with cleaners, snow-plowers, etc..), financial management, association policy enforcement and association meeting attendance. Financial management includes book-keeping, accounts payables and receivables, condo fee collection, assessment adminstration, annual budgeting etc... The management company has power to write the checks and administers our operation and reserve bank accounts. We pay extra for after-hours or emergency service calls and for vendor management of projects over a certain dollar amount. I have found from our experience with our management company that they are pretty flexible to help out with a number of issues that arise without nickel and diming us to death.
Posted @ Friday, January 11, 2008 1:58 PM by Roger
Please review the site addressed below click on BOD & Mgr in the menu to see the duties of each
www.condospecialties.info
this is a free resource site for common interest communities
Posted @ Wednesday, March 26, 2008 11:29 AM by Admin
My HOA turned off the heat (which is part of my condo fee) the last week of April. My condo was freezing and when I called to ask about the heat, I was told it had been turned off and there was not anything I could do about it. My fees are completely paid up!
Do I have any recourse?
Posted @ Thursday, May 08, 2008 9:13 AM by Robin McGuire
Is it legal for a condo association to levy a special assessment to cover delinquincies in non-payment of condo assessments?
Posted @ Tuesday, September 30, 2008 8:35 PM by Lori
An immediate problem that I have in my Condo Association is that our association is now over 20 years old and we are faced with having to replace our roofs. We have been putting money toward repairs for the past several years, but have not been able to replace them as of yet. We have 50 units, so we are a small community. 
 
 
 
 
 
 
 
We have been building a capital reserve but there is not enough to pay for the roofing. I personally do not feel that the level of our capital reserve is adequate, and I feel that we should not be tapping into our reserve to fund roof replacement. I expect an assessment to be necessary. Do you have any insight that you could provide that may help to clear up this problem? Thanks for your help.
Posted @ Wednesday, January 14, 2009 7:17 PM by Dave
Dave, I suggest looking at a condo association loan. Roof replacement is probably the number one capital project most condo associations and HOA's take out condo association loans (or HOA loans). Just fill out the condo association loan request form on the condoassociation.com website
Posted @ Wednesday, January 14, 2009 9:45 PM by Roger
Thanks Roger, I will definitely look into the condo association loan. I am reluctant to use what little capital reserve funds that we have toward our roofing project. If we use all of our funds, it would totally wipe us out and then we'd still have a large sum to pay. We have several owners who haven't paid fees and not much has been done about it in the past. We will be pursuing the outstanding funds, but I'm uncertain how successful we will be. I'm hoping these outstanding funds will help. But, is there a good method or reasoning to follow to determine when it is acceptable to use capital reserves and when it is a risk that the association can not take?
Posted @ Thursday, January 15, 2009 9:57 AM by Dave
You can hire a reserve specialist to tell you, but I believe your thinking is correct; its a big risk to deplete capital reserves when your condo association's ability to assess and collect in a timely fashion is in question.
Posted @ Thursday, January 15, 2009 1:29 PM by Roger
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