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By CondoAssociation.com • March 28, 2016

How does exiting condo board member transition funds?


For the last few years, I have been the only Trustee of a three (3) unit condominium in Massachusetts. One owner is absentee (rents his unit). Another owner has no interest in anything to do with the condo other than paying monthly condo dues. Meetings, management, care & maintenance of the building are of NO interest to the either of the other owners; nor do they wish to become trustees. Separately, a management company is, unfortunately, of no interest to the other owners.

Due to a recent family tragedy, health issues of another member of the family and the undue burden of having to take care of condominium issues alone, I am contemplating resigning and would seek to record such resignation with my county's registry of deeds. The resignation option does exist in the docs and I would notify the other owners by certified mail should I decide to move forward with the resignation.

****THE QUESTION I HAVE IS***** → WHAT can I do with existing funds (both operating & reserves in particular) in conjunction with my contemplated resignation? Can I hire an agent/attorney to hold the funds until such time as someone other than me decides to take on a role in the management of the condominium? I do not want to improperly abandon the funds in the bank.

I could easily pay down 'operating funds' to a zero ($0) balance and close the operating account. The other owners could then elect to become trustees any time they like and re-establish a new operating account.

Another account holds reserves and I would prefer not to disburse these funds – I am not looking for that answer if possible. This is the account/funds that I am most interested in handing over to a professional if it is permissible.

I have tried to communicate all of the above to the owners to no avail. I do not want this burden anymore. I can't do it.


Thank you in Advance for you replies.

A.K.

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Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.
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