" Part of your condo fees go into a reserve account so the association has cash on hand" Nice theory.<G>
I've listened to a condominium association meeting (building unit owners) where someone tried to explain they would need a new roof before hurricane
season, and it would cost $25,000, so they needed to vote on how much extra money
to charge every month so they could do that in time. And then the loudest members argued that they didn't want to pay ANYTHING EXTRA, neatly ignoring the fact that by law they had to come up with the money beforehand--or pay it all in one big surprise assessment when the roof was needed. But they all sufffered from "tenant mentality", i.e. if they shouted loudly enough the roof fairy would pay for it, not them.
Condominiums also will be regulated differently in every state, some will require reserve funds, others will let the group slip by with almost none...Can't think of a worse situation than "owning" a dock
, but having to get a hundred owner madmen to agree on anything before you could even put aside maintenance and repair funds.
"Honey, who voted to install the deep green shag carpeting on the docks!?" (ugh!)