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 […]
Q: I own several parcels of unimproved land within a condominium development. Recently, the condominium association sent me a bill for unpaid assessments, saying that these lots are considered “units” and therefore subject to assessments. I am unsure whether I am actually required to pay these assessments for my unimproved […]
