Are your condominium association’s finances in good shape?

If you don’t know the condition of your association’s finances, you can find out.   By law, an annual financial report must be prepared  within  90 days after the end of the association’s fiscal year.  Within 21 days after it is received from the party who prepared it, the association must provide a copy of the report  to the owners or a notice that a copy may be obtained upon written request without charge.

At any time, an owner may ask in writing for access to inspect and/or copy any official records of the association, including the financial records, which must be kept at least 7 years.   The Association must offer you access to those records within 5 working days after receipt of your written request, and if not offered to you within 10 working days, you may file an enforcement action in the Division of Condominiums where you can recover your reasonable attorney fees.  If the refusal is found to be willful, you can also recover your actual damages or minimum damages of $50 per calendar day for up to 10 days.

As always, I urge you to consult with an experienced attorney for all of your legal questions.

March 2017