I am one of the owners in a 11 unit condo association in the state of Delaware. We have 10 separate owners, as two units are owned by one individual. I have been told that there are new condo financial regulations relating to percentage of reserves, budgets, and most recently told that we need to have a balance sheet. We are a non- profit association and are incorporated. I am worried that if a unit were to be sold, our condo association would not have the proper documentation. I would be interested in knowing what these new regulations are and to whom it pertains. Who would you suggest I contact in order to obtain this information? Thank You
Please drag open the comment box from right bottom corner to make it larger.
Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.