Property Management Consulting Companies, NJ

Whose responsibility are water pipes?
Generally speaking, an appliance which serves only one unit, is the responsibility of that unit owner. Usually, the homeowner owns the water pipe from the point of the disconnect at the curb, where the pipe branches off and leads to one unit only. In other instances, the unit owner is responsible for water pipes serving the unit, and the condominium is responsible for the general service plumbing that connects throughout the building. This should be verified by checking the governing documents (usually in the By-Laws) in the section which refers to a description of a unit vs. a common element and in the Responsibilities of Unit Owners vs. Responsibilities of the Association.

This is the first time I've been late with a Maintenance Fee payment; why can't you cancel the late charge?

Your Board of Trutees is responsible for developing rules and regulations in the form of Resolutions, for the governance of the Association. A Collection Resolution typically details the payment due date, the grace period, if any, to allow for postal delays, banking delays, etc., the late payment penalty, and the actions which will be taken in the event of non-payment. Generally, payments are due on the first of the month. As such, payment should be mailed in advance of the first of the month in order to ensure that your payment is received on time. Your Association depends on timely payments in order to carry out the services for which you are paying. Many boards do allow a one-time only late fee waiver. This is usually a special resolution or part of the collection resolution.

When Boards consider waiver of a late fee, the request for such waiver must be made in writing. The Board does not provide authority to Management for late charge waivers without documentation.

Will my assessment go up?

There are no hard and fast answers to this. The governing legal documents for your community may provide for annual increases (or a certain percentage increase) to cover the cost of inflation, etc. The Board of Directors can increase your assessment, however, in order to cover the higher costs of operating and maintaining the common areas and to keep sufficient reserve funds available. The Budget is the responsibility of the Board. The Board must make decisions to safeguard property values and budget so assessments cover costs.

What is a Committee's job?

Committees act at the pleasure of the Board. That is, committees complete research, evaluate options, and provide recommendations to the Board of Trustees. Successful community associations have a strong volunteer contingent whose goals and guidelines are clear. Generally, a Board assigns a Board member as the Committee's liaison. The liaison attends committee meetings and brings the Committee's recommendations before the Board of Trustees for a final decision. Committees are advisory in nature and only have authority as delegated by the Board.

Why do we need Replacement Reserves?
There are many components of a community association which are considered to be capital replacement items as opposed to operating budget items. These items generally have a useful life of 20+ years and generally do not include maintenance items such as sealcoating and painting/staining. Examples of capital replacement items include siding, concrete sidewalks, aprons, and curbs; pools; light poles; fences; roofs, etc.

The Public Offering Statement typically includes a Replacement Reserve Schedule which details how much money should be set aside per year in accordance to the published schedule. By doing this, the Association can avoid a special assessment, and the burden of the replacement cost is distributed among all of those who have benefited from the use of the item. A POS Reserve Schedule should be updated when the community is approximately five (5) years old.

An independent engineer is often retained to review the schedule after the property has transitioned from developer control to homeowner control. The engineer reviews each item for the following:

The replacement reserve fund guarantees that owners in an association purchase a home with the equivalent of a new roof and new infrastructure (roads, sidewalks, curbs, etc.), and the funds are available to replace these capital items when needed.

What does the management fee include?
Salaries (customer service, accounting and bookkeeping personnel, property manager, executive and supervisory staff), overhead (rent, utilities), training, insurance, health benefits, profit.

Who do I make my Maintenance Fee check payable to?
Maintenance Fee checks must be made payable to your Association.

Where do I send my Maintenance Fee payment?
Maintenance Fee payments must be mailed to the Association's lock box at [Your Association's Name], c/o Regency Management Group, P.O. Box 98075 Phoenix Az 85038-8075.

Why do I have to fill out a Property Modification Application?
Property Modification Applications are a control mechanism that the Board uses to ensure that requested modifications meet acceptable architectural and safety standards in the community.

Who decides the level of service provided by the lawn contractor?
The Board, based on the the service specifications they approve, based on the cost constraints of the yearly Budget. For example, sidewalk edging may only be done once per month, or shrub pruning twice per season.