Study of reserve fund mandatory
Involvement of owners can be helpful
Q: Our condominium board wants to renovate some common property areas, but there is no current reserve fund study (it is two years overdue). The condominium corporation is currently repairing an outside wall, which required a special assessment, and the board tacked on more money for extra work. Owners are confused about everything. Can a social room and exercise room change locations? Do plumbing changes, extra doorways, removal of doorways, and/or windows all require the support of owners?
A: First, the Condominium Property Act requires every condominium corporation to conduct a reserve fund study every five years. The corporation and/or individual board members are expos- corporation undertook caused damages within your unit, the corporation should be taking steps to repair those damages, as well. The difficulty with answering this question is that I would require additional facts to give you a definitive answer. However, your position sounds reasonable.
The Condominium Property Act says the condo corporation must repair and maintain common property or corporation-owned property.