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HOA Software

I am trustee for a 2 unit condo. Other unit owner has abandoned all duties including payment of monthly condo fees.

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Do you automatically draft owner's bank accounts to pay the condo fees or by check?

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Should HOA party funds go to reserves since we cancelled party because of Covid?

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Which banks have financial services specifically for condo associations and HOA's?

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Should a condo annual budget be adjusted if expense categories is showing a shortfall? Can monies be adjusted by moving estimates around?

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What penalties are there if an HOA is underfunded? We are at 50%.

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Does New Jersey state law require an audit? We send out monthly statements of Operating & Reserve accounts. An audit seems a waste of funds.

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Can our HOA change its fiscal year from July to January?

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Our condo association has never paid taxes. Should we be paying?

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I am the owner of 2 unit condo. I have tried to refi the lower rental unit into a 15 or 30 year fixed mortgage. I am always told I can not do that because I own both units.

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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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