Q. My condo building is in need of significant repairs. We don't have the necessary funds in reserves to cover everything, so we're looking into a bank loan to cover the costs.
Does the board have to get all of the owners to agree to a bank loan in order to borrow the money needed for the repairs?
A. Condo ownership potentially comes with unanticipated expenses for repairs and maintenance. When an association has not accumulated the necessary funds for capital repair projects in their reserves accounts, the board has two options for raising the money needed to complete the work:
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