Imagine you sit on a board of directors that makes a mistake or error in judgment that results in a lawsuit. Imagine the case goes to trial, and the judge awards the plaintiff hundreds of thousands of dollars in damages. Now imagine that…
The New Jersey Division of Taxation is cracking down and performing more sales/use tax audits of Common Interest Realty Associations (CIRAs) of all types—co-ops, condominium associations, and apartment buildings—than ever before. There a…
Buy a motor home and travel the country. Pay for grandson Johnny's college education. Fix up that old kitchen you've been complaining about for decades. These are things you've been wanting to do for years and years, but, though you've w…
Unexpected repairs are part of owning a home. For owners of single-family houses, the process is simple: Something needs fixing or replacing, and you call a contractor and get the work done. You may not be happy about it, but you accept …
A Budget planning is a key component of any association's operations and preparation, and usually falls on the property manager's shoulders. However, he or she does more than just what the title implies—the manager is a "jack of all trad…
Planning is the key to maintaining a balanced budget for co-op and condo associations. Knowing your budget, predicting expenses, even predicting the unpredictable are all vital components to having a sound bottom line and keeping your sh…
In a co-op or condo community, the responsibility of the homeowners association goes beyond setting house rules. The association also has a fiduciary responsibility to collect maintenance fees from its residents, create a budget to accou…
Years ago, the only remedy for uneven sidewalks or foundations was what pros in the business call "rip-and-repour," which means tearing out the old pavement slab and pouring a new one—and spending a lot of time and money doing it. B…
Summer is coming, and with it the scorching hot weather our tri-state area is notorious for. Many buildings and homeowners associations, however, have swimming pools on-site that help take some of the bite out of the hotter months. Swimming…
The tri-state area was hit with another tough winter this year with heavy rain, snow and bitter temperatures. But now that the gloomy days have passed and the sun is shining again, it's time for condos and co-ops to get their recreational a…