Getting to Know Them

If you've never lived in a condo, you may be astonished to discover just how much power is held by the board of directors. As mentioned, the board has the power to put a lien on your unit if you don't pay your monthly fee or are late with the money for a special assessment. It may have license to spend tens of thousands of dollars on a repair or improvement without the prior approval of other owners.

Elected by condo owners, the board is much like a miniature government with ultimate authority to run the condominium, even if it turns day-to-day operating details over to a resident manager or an outside management company.

Request information on the background of each member, and attend at least one board meeting. If you are serious about condo ownership, plan on participating in a certain amount of organizational activity just to protect your interests.

0 0

Post a comment