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That is incorrect. A homeowner can draft and sign their own plans. Don't let the building department tell you otherwise - they are wrong. You can look online at some basic drafting plans. It doesn't have to be fancy, but just needs to have the basics.

While your counsel should definitely be able to interpret this, it sounds like similar language to the condo I lived in. The language you present is typically also what balconies are considered. Basically, the unit owner "owns" the space and it must be transferred with the unit, but when it comes to "building" maintenance, such as cleaning the garage and restripping spots, the association handles it.

If there were any leftover spots, meaning that unit owners did not purchase all of the spots from the developer, they go to the association.

We had an issue when someone tried to sell their spot to someone else in the building and that couldn't be done. The bylaws were amended to now allow that type of transaction though.

Not sure where you heard that rumor, but it is totally not true.

Reserves are usually only 8%-10% of the monthly maintenance fee you actually pay. That obviously could change depending upon the size of the building. With smaller buildings that do not have amenities you save lots on maintenance because of the large ticket contracts I previously mentions (management staffing is probably less, building maintenance needs fewer people, and of course a much lower insurance rate).

One thing to get straight is that reserves are very different from an accrual mentioned previously. A reserve fund is used to replace common elements that need to be replaced after living their useful lifespan. An accrual is what happens on a monthly basis to pay for items that are not charged to the association evenly throughout the year. For example, if your building uses gas for heat, the gas bill will be much higher in the winter than in the summer. However, to ensure there is enough money in the operating account to pay the higher gas bill in the winter, the association usually accrues the amount over the summer (there will be a net gain in budget numbers) and then pays the gas bill in the winter when it is due (so you see a loss during the winter on the budget sheets).

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If you really want to understand how the maintenance fees in a building are utilized, you should contact the management office for the budget. If it is new construction and you are purchasing from the developer, the budget should be included in the POS and will tell you exactly how the condo fees are spent.

I was the president of the condo association for a highrise building on the JC waterfront and was always amazed at how little the owners understood what their maintenance fees were used for. It is clear that everyone always thinks they are paying too much for too little.

The biggest component of maintenance fees usually goes towards utilities - especially if your fees include gas. But you also can't forget about the power for the lights in the hallway, garage, etc. Not to mention the water bill for the entire building.

Then you have your big ticket contracts. The most expensive of those is probably maintenance for the building, which could run several hundred thousand dollars per year, depending on the staffing levels and size of the building. The management contract is also probably fairly large, but that too depends upon staffing levels. Third to both of these is probably insurance costs, which could easily be over 100K/year for a highrise building. Follow these with what most people always forget is the cost of operating and maintaining elevators.

If your board is operating correctly, they should also be funding reserves on a regular basis. Reserves are used to replace common elements that have lived their useful lifespan (new roof when it is time, new pumps, compactors for trash, etc.)

These are just the big ticket items, but there are many other contracts that buildings have and other expenses too. Basically, if you are interested, get the budget and check it out.

When it comes to purchasing a condo the building matters. Without disclosing the building the amount one would pay for the condo could vary considerably. Also, location plays a key role. Sure, you mention that you are only 10 minutes from the PATH, but that could be just about anywhere downtown. Without that information it would be hard to tell how much you should pay. Even building next door to each other could vary considerably.

I sold my condo in April of this year and did it myself. The best way is to get your condo listed on the local MLS. While this will get exposure to real estate agents, and get you on sites like realtor.com, it will not necessarily get you traffic to your property.

Since real estate agents work on commission, you will need to give them a cut to get the proper traffic through your place to get a sale.

So, what I did was paid realmart realty to post the unit on the local MLS. In addition, I offered a commission to the buyer's real estate agent. In April the going rate around JC was 5% commission, which is usually split between buyer's and seller's agents. You should at least offer 2.5% to buyer's agent. Since I already cut once side out of the transaction (seller's agent) I offered slightly more at 2.75%. That got me lots of traffic through my condo since agents are eager for the extra cut.

While you are still paying a commission, at least it is half the amount that is usually charged by a typical broker.

In my case, someone ended up seeing my unit on a website and contacted me directly. We closed the deal without any real estate agent involvement and I didn't end up paying any commission. Total savings was roughly $25K on my sale, but if I had to give up half the commission I would have saved about $12K.

Bryant Floor Service LLC
Phone: (973) 202-4115

The guys name is Booker. He is very good and will probably be the cheapest. I recently bought a house and used him to do all my floors and they came out great. Sometimes he comes across as a little scatter brained but in the end he does a great job, just stick with him. If you tell him the square footage he will quote a price/square foot over the phone. He also does repairs and new installs.

My floors were done with minwax stain (provincial) and then oil based poly. He will use latex poly if you prefer, but Booker likes the oil stuff.

Did anyone go?

This was a very poorly publicized event.

It would be nice if they updated the proartsjerseycity.org website to include a complete map of all exhibits (in addition to correcting the spelling errors).

I also like kettle of fish. Although I go there to watch the badger games.

Here is their website:

http://www.palmcoenergy.com/

Not sure how good these guys are or if you will save. Our building contracts with Hess at a fixed cost over the course of a year for both gas and electric. In a 250 unit building we save a substantial amount.

I think you first need to check your bylaws/master deed to determine if the Board acted incorrectly. Typically, the Board has the right to assess members of the association for all reasonable repairs and budgetary shortfalls. In addition, there is probably also language in the governing documents that gives the Board power to assess up to a certain percentage amount of the yearly budget for purposes of capital improvements. I know that in my condo the Board has the power to assess members of the association up to 10% of the annual budget. However, anything over 10% must be approved by a 75% vote of all members.

In your particular instance you need to look at the governing documents and what the assessment is being used for before reaching any conclusions that the board acted improperly and does not have the ability to issue this assessment.