How to set up legal budget reserves
Q. The declaration for our condominium requires the board to build up and maintain a reasonable reserve for contingencies and replacements, and requires the reserve to be “segregated and allocated for specific purposes.” The budget for our association includes various general categories of reserve expenses, and describes a lump sum for each category. Is this sufficient? Read the Q&A………..
As another new year approaches, community associations face lengthy agendas. Some issues they will grapple with are ongoing, while others
A foreclosure does not necessarily erase unpaid condominium association assessments, the Illinois Supreme Court has ruled, but all a new
Q: I own and rent a condo in a nice neighborhood. The condo below mine has been sold to a