What is the name of your state? Delaware
Months ago, our condos were hit with a special assessment due to water leaks. Some of the assessment was in the form of ESTIMATES for things like repairing a future water leak that had yet to occur. Now, we have been informed by our condo council that the expected future leak never came to be. As a result, the community was over assessed by about $15,000. The council says they intend to hold that excess $$ until 2008 year end and then use it to try and reduce our monthly fees next year.
Our Bylaws state that the UNIT PROPERTY ACT shall be referred to when doing an assessment. http://delcode.delaware.gov/title25/c022/index.shtml is the link for Delaware's Unit Property Act.
Can anyone tell me if the assessment was done properly in including ESTIMATES for expenses that ended up NEVER OCCURRING ?
Shouldn't the over assessed amount now be
distributed back to the unit owners rather than the Condo Assn. being allowed to hold that $$ for approximately 9 months?
As always, any help & advice is most appreciated. Thank You.
Months ago, our condos were hit with a special assessment due to water leaks. Some of the assessment was in the form of ESTIMATES for things like repairing a future water leak that had yet to occur. Now, we have been informed by our condo council that the expected future leak never came to be. As a result, the community was over assessed by about $15,000. The council says they intend to hold that excess $$ until 2008 year end and then use it to try and reduce our monthly fees next year.
Our Bylaws state that the UNIT PROPERTY ACT shall be referred to when doing an assessment. http://delcode.delaware.gov/title25/c022/index.shtml is the link for Delaware's Unit Property Act.
Can anyone tell me if the assessment was done properly in including ESTIMATES for expenses that ended up NEVER OCCURRING ?
Shouldn't the over assessed amount now be
distributed back to the unit owners rather than the Condo Assn. being allowed to hold that $$ for approximately 9 months?
As always, any help & advice is most appreciated. Thank You.