New Year's condo resolutions
Even small condo boards shouldn't let one person do all the work, says Michael Pyrchalla of Integrity Law Group. The real estate lawyer shared best practices for boards in a presentation to East Village Association members.
Condo rules can be formal or informal, but boards should have a way to amend them--preferably simply requiring a majority vote. A big job is to plan for future repairs, and keeping owners up to date on assessments to provide for them. "You are stuck from the moment you own to pay assessments," Pyrchalla says. A straightforward way to predict spending over 15 to 30 years is with a reserve study, which can cost as little as $500.