Tag Archives: elements

CONDOMINIUM INSURANCE – WHO COVERS WHAT?

Most condominium association’s “Declaration of the Condominium” (hereinafter referred to as declaration) follow the wording of Chapter 47C of the North Carolina Condominium Act with regard to the definitions of “common elements” and “units”.  The Declaration specifies what insurance is to be provided by the association and what insurance is to be provided by the unit owners.In the statute, 47C-2-102, Unit boundaries it says: “Except as provided by the declaration:

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If You Had a Hammer

Get down to brass tacks (not to mention green dollars) with a comprehensive maintenance and repair plan.

 

A 264-unit high-rise condominium community in Alexandria, Virginia, recently imposed a special assessment of almost $9,500 per unit to fund a $4-million exterior repair project. The project concentrated on repairing spalled concrete on balconies and refinishing stained and discolored window units.

Why was such a basic project performed on such a grand scale, with such a huge price tag? Lack of regular maintenance. The community had failed to maintain cementitious coatings on the balcony decks and ledges, to replace deteriorated non-shrink grout around balcony railings, or to periodically clean windows, resulting in sand from the brick veneer reacting with and staining window glazing.

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Get input before you start changing the parking rules

(Michael Hunter) Q. For more than 10 years, one resident of our condo complex has parked his company-owned three-axle vehicle in the parking lot at nights and on weekends. Now another resident is parking a three-axle vehicle on premises. Suddenly, a few of our residents are up in arms about three-axle vehicles. After so many years of allowing such…

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RESERVE STUDIES FOR THE FIRST TIME BUYER

Now that it’s budget time for many associations, boards are updating their reserve studies. Still, many others have never had a professional reserve study and are now considering investing in having their first independent study done. Questions arise such as “what is the purpose of a reserve study?” “what are the benefits to the association?”, or “How do we go about getting a reserve study conducted for our association?”

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