Question: Our annual budget is always over $500,000 and requires a year-end audit unless waived by the owners, which I understand cannot be done more than three consecutive years. Is there a penalty and what could happen if the association obtains owner approval to waive the audit for more than three consecutive years? M.K. via… Continue Reading
As there is no counter-part in the Homeowners’ Association Act to the condominium law’s “grandfathering” rule, that exception would not apply.
Associations lose hundreds of thousands of dollars to unlicensed and uncertified contractors every year. Associations should protect their property by avoiding unlicensed contractors.
In this VideoBlog, Joseph Adams discusses age restrictions in condominiums and HOAs.