Q: Our condominium consists of a number of buildings with two residential floors with covered parking underneath. It is my understanding that the prior statutes allowed associations to partially fund the reserves. Fully funding the reserves through increased quarterly payments or a sizable special assessment will impose an unnecessary hardship […]
Q: Can you explain how a condominium association’s budget is made and presented? What is the difference between operating expenses and reserves? What are straight-line and pooled methods for reserves? (J.D., via e-mail) A: In last week’s column, I answered parts of this question by explaining the differences between operating […]
Q: Can you explain how a condominium association’s budget is made and presented? What is the difference between operating expenses and reserves? What are straight-line and pooled methods for reserves? (J.D., via e-mail) A: A condominium budget is a formal, forward-looking financial plan that estimates the association’s revenues and expenditures […]
Q: I recently bought a condominium unit. While reviewing the documents, I noticed they include a survey and some diagrams, but they did not seem very detailed and were very blurry and hard to read. Are these important? I want to be sure my ownership rights are properly documented. (J.D., […]
Q: Does the Florida condominium law regulate what has to be in management contracts between the management company and a condominium association? (J.D., via e-mail) A: Yes. While the law does not generally regulate the “business terms” of management contracts (such as price), there are a number of laws that […]
