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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33756
Experience:  15 years real estate, Realtor. Landlord 26 years
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I live in a condo association of 11sections..each section

Customer Question

I live in a condo association of 11sections..each section has it"s own budget and reserve
Account...according to the Fl statute 718 reserve accounts must provide for painting,
Roofs & paving ..OUR DIRECTOR has decided to replace all the front doors on each condo
(192) units at a cost of $140,000, as you can see each door installed is less than ,10000
So no money was put into the reserves for this purpose...thus. The $140,000 is being taken
From the reserves . According to statute 718...Annual Budget. F...2a-3 reserve funds any
Interest shall remain in the reserve account and maybe used ONLY for authorized expenditures unless used for other purposes, approved in advance, by a majority vote at a
Duly called meeting
Please, advise what action should be taken to stop the installation of he doors and to stop
The use of reserve funds for this purpose
B.R.Jacobs. E- mail***@******.***
Submitted: 1 year ago.
Category: Real Estate Law
Expert:  Barrister replied 1 year ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

.

In a situation where the Director is clearly violating both his fiduciary duty to the members as well as FL state law, the member's recourse here is to file a formal lawsuit against them for breach of contract and breach of their fiduciary duty and obtain an injunction to prevent them from spending the money on the doors without following the property administrative process to gain approval of the membership.

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In most Bylaws, it states that the "prevailing party" is entitled to their attorney fees and legal costs so assuming that you win, the HOA would be liable to pay for your attorney and reimburse any court costs of filing the suit and getting the injunction.

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.

thanks

Barrister

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