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Tina
Tina, Lawyer
Category: Real Estate Law
Satisfied Customers: 5436
Experience:  17 years of legal experience including real estate law.
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I live in a condo building of 330 units built in 1990 in

Customer Question

I live in a condo building of 330 units built in 1990 in South Florida. We have reserves and that is one of the reasons I bought here. Early this winter our building management hired a contractor to do the job and they started painting the exterior, and repairing the balconies. Since this is part of our reserves most of us owners did not question this. Just over a month ago almost when the work was at completion we were notified by email and by mail with the ballot enclosed that the board wanted us to vote on taking a bank loan for this work that was now $650,000. more than our reserves.or having a special assessment and that this was a proxy vote to be
tabulated at a meeting announced for late July. No details were given on the length or interest rate on this loan or the payment. Our reserves fpr painting show $100,000.
The cost of this was then told to be $750,000. A second notice came that the board had decided to do an assessment and that just the board would be allowed to vote on this at a meeting this week on Thursday evening. No loan was being considered, and no explanation.
I do not feel comfortable with an assessment of $2500. for my share. We are not getting any choice in this matter and I am totally taken aback. Is this legal? What recourse do I have if any? Does this, after the fact assessment a board decision or does it require a 75% vote of the owners?
Submitted: 4 months ago.
Category: Real Estate Law
Expert:  P. Simmons replied 4 months ago.

Hello! My name is ***** ***** I am a licensed attorney with more than 18 years of experience. I am here to assist you with your questions. Please understand that if I ask you for additional information, you are NOT charged again and our communications are NOT timed. So please see this as a relaxed conversation between friends. I am here to help

Also, if you would like to chat on the phone, let me know and I can make that happen.

I am sorry for this dilemma.

Can you tell me, what do your bylaws say about this? Do they require 75% for such decisions?

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