Condo Q&A

HOA manager neglected to set up reserve account and add funds

Written by stephen polinsky | Fri, Jan 6, 2012 @ 12:49 PM

My husband and I live in a four-unit condo in CA that is five years old. Two years ago, our four residents voted to raise our condo 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 manager neglected to set up a separate reserve account. What recourse do we have?