Condo Q&A

Bad property management - reserve fund never established

Written by stephen polinsky | Thu, Dec 8, 2011 @ 12:35 PM

My husband and I live in a four-unit condo in CA that is 5 years old. Two years ago, our four residents voted to raise our dues to start funding our reserves. $112 per month was supposed to go into reserves. Now we find out that there are no reserves because our HOA mgr neglected to set up a separate reserve account. What recourse do we have?