contact
name
(954) 384.8546
es@solomonhomes.info

Ask the HOA Expert - Special Assessment Notices   Ask the HOA Expert - Special Assessment Notices


Ask the HOA Expert - Special Assessment Notices

Written By: Richard Thompson
Thursday, January 9, 2014

Question: I am a real estate agent who represents condo buyers. As part of an offer, we negotiated with a seller to pay an outstanding special assessment to repair the decks. After my client closed the deal and moved in she was told the repair was only for the penthouse decks and not for her unit. Should I have gotten a copy of the special assessment notice? What can be done now?

Answer: Yes, you should have gotten a copy of the actual special assessment notice. Its not uncommon for special assessments to be used for selected areas of a building like you describe. It is a lesson in condominium ownership which is, while you may buy a unit in terrific condition, you also are buying a share of the entire condominium, some of which may be in terrible condition.

However, the bigger concern is why there was a special assessment at all. Special assessments are usually the product of poor planning. Most major repairs and replacements the HOA does are predictable. A reserve study done by a knowledgeable professional identifies all of common components that have a 2 to 30 year useful life, measures each, assesses each for condition, estimates the remaining useful life and the current cost for performing the repair or replacement of each when that useful life is used up. Further, the reserve study provides a Funding Plan which, if followed, systematically collects money usually monthly from all owners so that special assessments will never be needed.

So, does this homeowner association have such a reserve study? If so, is adequate money being collected to pay for future reserve expenses? If not, your client is in for a series of special assessments that will fall at unpredictable times. Welcome to the world of mismanaged homeowner associations. For more on this topic, see the Reserve Planning section of www.Regenesis.net

Question: Is it necessary for the board to divulge the name of a homeowner making a complaint about a rule violation to the homeowner who is in violation?

Answer: No, its not necessary and need not be included unless its >

Question: Many of our annual meetings do not have the required quorum to hold the meeting. Is it allowable for someone to make a motion to suspend the rule on quorum so that the meeting can take place?

Answer: Quorum requirements are dictated by the governing documents. Only an amendment to those documents by an appropriate vote of owner can change them. This amendment cannot be done "on the fly" at a meeting to circumvent the requirement. More on this topic is available to Gold Subscribers of www.Regenesis.net in the Meetings section.

For more innovative homeowner association management strategies, subscribe to www.Regenesis.net.





Copyright© 2022 Realty Times®. All Rights Reserved
Weston Florida Real Estate Services
Weston Florida Map
Weston Florida Schools
Solomon Homes Reviews
Weston Home Value Estimator
Weston Mortgage Calculator
Visit Our Mobile Site
Search in English Search in Spanish Search in French Search in Italian Search in Portuguese Search in German Search in Russian Search in Chinese
Updated: Sunday, June 26, 2022

Copyright ©2022Realty Times®. All Rights Reserved

Motivational Monday
Admiral McRaven Leaves the Audience SPEECHLESS | One of the Best Motivational Speeches   Worth...

HOW OLD IS YOUR HOME?
Let's talk about aging homes and how we compete with homes that have been modernized,...

The Home Selling Process
Learn how we can help to sell your home in less than 30 seconds. https://youtu.be/RWCprPpYrDc ...

Portability
What really is portability and can it save you money? Are you thinking about selling...

The Station
The Station Tucked away in our subconscious is an idyllic vision. We see ourselves on...

Controversial development gets unanimously denied in Weston Hills Country Club, Weston, Florida
Controversial development gets unanimously denied in Weston Hills Country Club, Weston,...

HOW MUCH IS TOO MUCH ON UPGRADES?
Here’s the scenario….. You are thinking about moving or making improvements...

Got Homestead Exemption?
Got Homestead Exemption? Why not????  I was recently shocked to hear that one of...

The Station
-Robert J. Hastings Tucked away in our subconscious is an idyllic vision.  We see...

Services
Marketing
Weston Florida Information
Client Login
Recieve Email Alerts