Unit owners have several responsibilities, both legal and ethical, for ensuring the condominium community runs smoothly. These obligations are fundamental to the principles of communal living. However, for every unit owner obligation, there is a related obligation of the condominium corporation. Financial Financial responsibility is a key obligation of a unit owner to the condominium […]
A fully funded reserve fund for condominium organizations is a critical concept aimed at ensuring that the condo organization has enough funds to cover forecasted repairs and maintenance according to expected needs. While ‘fully funded’ may sound simple enough, effectively calculating and implementing the right numbers can be more complex. However, the basic goal – […]
As a commercial property owner, it is essential to protect your building investment; it is the foundation of the income you receive as a result of that property. The real estate value of it is significant, as well as the income generated from it. As a result, ensuring the longevity, safety, and value of commercial […]
Condo owners and board members may have heard the term “70 funded reserve”, and wondered what it meant, as well as whether it was a requirement or a guideline. Condominium reserve funds set aside money specifically for significant future expenditures, such as major repairs or replacements of common elements such as roofs, elevators, parking structures, […]
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