Condo Board Question
Hi, My wife and I moved into our brownstone apartment about five months ago and as first time buyers admittedly I am not sure how to approach this certain matter. There is a building condo board consisting of the lady below us and the other tenant on the basement level. The lady downstairs took over…
Hi,
My wife and I moved into our brownstone apartment about five months ago and as first time buyers admittedly I am not sure how to approach this certain matter.
There is a building condo board consisting of the lady below us and the other tenant on the basement level. The lady downstairs took over the condo finances from the person who sold to us in 2009.
We pay our maintenance at the bank on a monthly basis, but have absolutely no idea about a) the current building balance and b) whether the other two tenants are paying their maintenance every month.
Maybe this is typical and we have no reason to think the worst, but how do people usually keep an eye on things & make sure everybody is paying what and when they should? Since there are only 3 units in the building it is a self managed condo association.
Any advice much appreciated! Again, first time buyer so not quite sure what is the norm with this sort of thing and of course they may be thinking the same thing!
Thanks.
Kissiffer4: I emailed you this morning from my yahoo account. Check your spam folder if you didn’t get it.
Cheers all for the info. CKTC…would you mind giving me a shout at kissiffer4 at hotmail.com? Would love to get some further info from you.
Thanks 🙂
There are a few documents that your attorney likely requested prior to closing: the condo by-laws and a financial statement.
The by-laws will describe the required structure of the board officers and members.
Although you condo is very small, the board should be working with an outside accountant on annual tax preparation and a financial statement. The finacial statement would include current bank balances and show income and expenses for the year. The preparation of the statement also functions as a mini-audit.
I think you might turn your neighbors off if you ask for monthly statements, but once a year financials should be sufficient to keep you informed.
I am an owner in a 6-until self-managed condo, and this is exactly how we function. Let me know if you want more details.
Good luck.
I’m in a similar situation. I agree with the friendly approach. You absolutely should know what the balance is in the account. Many people get this info before they even buy. Couple of suggestions (1) You could ask for this year’s or last year’s financial statement for the building. (2) Try to keep an e-mail record of conversations that are had. That will help you to keep track of the questions and answers and dates. Still trying to keep the tone friendly, which sometimes gets lost in e-mails. (3) Make sure that all the bills that are supposed to be paid are being paid. It’s good to know if your maintenance is just covering the costs or if it is helping to build up a balance as well. (4) It’s important for someone to keep an eye on the bills and notice any discrepancies. A high water bill or electric bill could let you know that there is a problem that needs to be fixed. So knowing the average monthly amounts is important. (5) Has any major repairs been done recently (roof, etc.) or are they expecting to have to do any in the near future? (6)Never assume that other people know more than you do. Ask questions. Good luck!
A one-person board is definitely not appropriate! I’d suggest you find out what the rules are, and then approach her in a friendly way and let her know she doesn’t need to (and in fact shouldn’t) carry the entire burden herself.
Hi Park Sloper, thanks for the input. As far as I know the board currently consists of the lady downstairs who is the assoc. President. She took over from the person that sold us our apartment. The only other residents are my wife and I and one other tenant on the basement level.
I might be wrong (experts, please weigh in here), but I think each condo board is supposed to have a President, Vice President, Treasurer and Secretary. So a two-person condo board might not be strictly kosher. In my four-unit brownstone condo, we are all officers, which makes things easy and transparent for everyone. You might want to check with a lawyer who has expertise in these types of matters — maybe even the lawyer who handled your closing would know.
I hear you. Just wondered what other people have done in this situation and what is typical for a condo board of this size. I mean, without wanting to create hostility, how do you delicately ask to see statements etc. to make sure everybody is paying their bit?!
Also, since we are part of the same condo association, could I theoretically go to the bank and ask them for statements?
As always thanks all.
Have to tried to simply ask? If you’re looking for what’s “correct” or “what are your legal rights”, don’t approach it that way.
With only 3 people involved, it’s better to develop a friendly and co-operative relationship, fast.