TEST YOUR KNOWLEDGE OF CONDO OWNERSHIP

Do you know when your Association was formed?

Do you know what the governing documents are
and how to get a copy of them?

Do you know if your Association is incorporated and why it should be?

Do you know what parts of your unit are your responsibility to maintain,
both financially and physically?

Do you know the budgeting process used by your Association?

Is owner vote required to raise maintenance fees?

Do you know the restrictions of use
and occupancy set by the Declaration?

Do you know the restrictions set by the Board of Directors
in the Rules and the penalties for violation of them?

Do you know what rights you have if you violate a Rule?

Do you know the Collection Policy for delinquent fees—when a lien
and/or foreclosure can be filed against your unit and for what?

Do you know how much insurance is carried by the Association
on the Common Elements and Facilities?

Do you know how to change your Declaration and/or Bylaws?

Does your Association have a Replacement (Reserve) Fund?

Does your Association have a professional Reserve Study?

Is the Association fully funding the reserves
according to the Reserve Study?

Is owner vote required to levy a special assessment?

Do you know how often the property is inspected by the board?

Is there a routine maintenance schedule?

Can the Association evict you or force you to sell your unit?

IF YOU DON’T KNOW THE ANSWERS TO MOST OF THESE QUESTIONS, YOU WILL WANT TO READ MY BOOK ENTITLED “CONDO BUYING & OWNERSHIP MADE SIMPLE: TIPS TO SAVE TIME & MONEY”. CLICK ON THE “BOOKS” LINK TO PLACE YOUR ORDER.