Re: Logistics of 2 Family Home in the Heights

Posted by brewster on 2018/4/11 22:08:02

karindiann wrote:
I'm part of a 4-unit condo association, and we have a bank account and pay our own bills -- no outside management company needed. Somebody has to volunteer to write the checks and do the bookkeeping (basically a thankless job).

In our association, all of the units have a slightly different square footage and pay a different percentage of common expenses. I think this would probably be true of a 2-unit building as well -- and give one owner more weight in the case of disagreement.

I remember the developer of our building had set up the association before the units were sold, which I assume is a requirement if you are selling condo units.

How do you maintain funds in the checking, and make sure everyone is complying? Is it like an escrow where you keep it above a certain level?

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