Can my condominium borrow money from a bank to make needed repairs?
Many banks will make loans to condominium associations for major capital improvement repairs. These loans are usually secured by future maintenance assessments, so when you pay your monthly maintenance assessment, it may be slightly higher to pay the loan back, but it won’t be as much as a special assessment.
My condominium is presently not managed by a management company. Should we consider management of the association?
I usually recommend to my clients that they use a licensed management company. Sometimes you have board members who have expertise in these areas. However, very few of them have the time and the knowledge to handle a full association.
What is a limited common element in a condominium?
A limited common element in the condominium is a piece of property that’s owned by the condominium association but used by only one person. A good example of that would be a parking space or a boat slip.