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socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 38507
Experience:  Attorney and Real Estate broker -- Retired (mostly)
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Can a condo board spend large sums from reserves

Customer Question

Can a condo board spend large sums from reserves for REDECORATING?
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  socrateaser replied 1 year ago.
A condominium board has the power and obligation to maintain the common areas of the property. If redecorating is within the scope of the current and reserve budget, then the board can authorize use of the funds. if the redecoration "busts" the budget, then the board would need to either obtain a vote on a special assessment, or wait until the next annual budget is up for approval, and then obtain approval from the membership, as provided for in the association covenants. Note: Different jurisdictions have different levels of scrutiny concerning budgetary issues. In California, members could petition to have the entire board removed and a new election held, if the board were viewed by a majority of members as acting outside of the association's interests. Whereas, in New York, the typical board can do pretty much whatever it wants, because the covenants are usually extraordinarily broad in scope. I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.Thanks again for using justanswer.com! I hope I've answered your question. Please let me know if you require further clarification. And, please provide a positive feedback rating for my answer -- otherwise, I receive nothing for my efforts in your behalf.Thanks again for using justanswer.com!
Customer: replied 1 year ago.
I am sorry but I am in Florida where I feel spending reserves can only be made on items as permitted.
Expert:  socrateaser replied 1 year ago.
Are you asking me to research Florida law on the issue, in return for your positive feedback rating?