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$20K Condo Assessment...Legal?

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dkuip

Junior Member
What is the name of your state?What is the name of your state? South Carolina

I bought a condo 1 year ago (amount <$200K). This summer, the condo association/ management company assessed each owner $20,000 for general building repairs. This assessment is the first in ~10 years. Isn't the association required to maintain an appropriate capital budget? Do I have any legal grounds for the association mismanaging the capital budget?
 


HomeGuru

Senior Member
dkuip said:
What is the name of your state?What is the name of your state? South Carolina

I bought a condo 1 year ago (amount <$200K). This summer, the condo association/ management company assessed each owner $20,000 for general building repairs. This assessment is the first in ~10 years. Isn't the association required to maintain an appropriate capital budget?

**A: hello? There is no capital funds. The reserve fund is depleted.
Anyone can have a buget but the HOA needs real money to work with.
********

Do I have any legal grounds for the association mismanaging the capital budget?
**A: did anyone steal and $$$$$ or apply reserve funds to take a gambling trip to Atlanta?
 

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