Just as no household can function without a good, sound budget, neither can a homeowner's association. Creating and maintaining a budget that can guide a condo community through an entire year's worth of finances is one of the most impor…
They say the only two inevitable things in life are death and taxes. Well, for condo and co-op owners you can add a third—maintenance fees. As long as roofs are going to have to be repaired, snow is going to have to be plowed, and g…
A New Jersey appellate court recently upheld a trial court's refusal to force condo unit owners to pay an assessment levied to cover the replacement of sliding glass doors in each of an HOA's units. In the case of Regent Beach Condominiu…
In any business, much of the decision-making process is based on the bottom line—is there more money coming in or going out? How do this year's profits compare with last year's? Are we getting the best deals from suppliers and vendors? …
In the archives of sound financial advice, saving for a rainy day is a titan, right up there with never bet your last dollar on a horse race, or any other sage old saying. For the good health of any organization, having enough cash in re…
Most homeowners love complaining about their property tax bills almost as much as they despise paying them. The issue is always on the minds of New Jersey's homeowners, and has been for some time. New Jersey has been studying property …
In New York City, many co-ops and condos use a practice called a "flip tax" in order to boost building revenue. A flip tax is a fee paid either by the purchaser or seller that goes back to the co-op or condo each time an apartment is sol…
It's a profound story of how reserve funds can go seriously awry—within months of buying an apartment in a new New York City building, David and all his new neighbors were informed that they would have to contribute out-of-pocket to help…
One of the more complicated issues that occasionally faces an association is what to do if a homeowner becomes delinquent in paying their monthly common charges. While financial problems are a burden on the homeowner first and foremost, …
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…