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Reply to "I need to raise Common Charges Again - When do I tell People?"
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[quote=Anonymous]OP my beach condo is in NY where there are no reserve study requirements buildings two stores or less. However in NY a SIR called a Structural Integrity Review required for three stories or higher by law. So slightly different name than reserve study. SIR will included costs for issues to fix buildings can reserve for. Back to my condo the managing agent works smaller condos two stores or less with condo boards as they do walkthroughs etc. so they keep board up to date upcoming repairs and estimated costs. So I dont need a reserve study nor am I required to have a separate reserve find by law. Just telling you how NY different from DMV condos. I guess I need to do maybe a pie chart explaining where funds go. Other issue I live in DMV so although in charge of that can’t go to an in person meeting to explain[/quote]
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