Page 2 - Condo Column News Today

The definition of residence needs to be clearly defined when writing association contracts.

A bi-weekly column about managing a condominium association.

Every condominium has to have at least two bank accounts. One is for the operating account and the other is a reserve account.

There have been rumblings in Condo World about cryptocurrency, i.e. digital money with no physical presence like coins or bills.

House Bill 1146 proposes to change language in the Condominium Act added in 2016 that gave boards of directors, instead of the owners themselves, the right to set budgets.

Senate Bill 324, as worded, would void any sanction against an owner and render condominium documents unenforceable

Under the proposed legislation, if an condo owner disagrees, “resolution of issues shall favor the property owner.”

When an association transitions from being controlled by the declarant to the the owners themselves, its time to get a legal review of documents.