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I HAVE A CONDO QUESTION. FLORIDA. 15 YEAR OLD CONDO. HOW…

I HAVE A CONDO...

I HAVE A CONDO QUESTION

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

FLORIDA

Lawyer's Assistant: Has anything been filed or reported?

15 YEAR OLD CONDO

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

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Answered in 1 minute by:
1/11/2018
ChadCaros
Category: Real Estate Law
Satisfied Customers: 1,408
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Welcome to JustAnswer!

My name is***** will assist you with your condo question today.

You are only charged if you are satisfied with the answer and accept the answer.

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ChadCaros
Category: Real Estate Law
Satisfied Customers: 1,408
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ChadCaros and 87 other Real Estate Law Specialists are ready to help you
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Customer reply replied 1 month ago
specific question: our 15 year old condo association has deliberately underfunded reserves in order to keep our monthly fees low... using special assessments as a method of putting $ in the kitty when required. we recently underwent a reserve study (our first) that suggested we should have $120K more allocated for reserves then we currently have. One owner wants us to do a "pro rated" assessment based on the length of condo ownership.....his thought is that the old owners enjoyed a "artificially lower monthly condo fee for years and now the new owners are being required to fund reserves that should have been funded at a higher rate years ago. The question is, is this legal, proper, nonsense,????
thank you
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Scholar of Tax
Category: Real Estate Law
Satisfied Customers: 739
Verified

Dear Customer,

The counter argument is that the new owners when they purchased the unit from the old owners, their purchase price is lower by that much because the seller did not need to pay or recover that much of assessment they paid.

Check with the condo association rules and regulations to see any previous rules on items like this. This is a capitalism society, as long as your association makes the rule and everyone agrees, it goes.

However, your association to avoid future lawsuits from individual owners should consult with an attorney. I would think the fare way is to give the money from now on with all the current owners regardless how long everyone has been there.

Regards,

Fiona Chen, MPA, Ph.D., CPA, ABV, CFF, CITP, IMTA

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