Struggling Condo Communities

The main reason condo corporations get into trouble is lack of funds, which can lead to major repairs and regular maintenance failing to get done, work orders issued by the city may be incomplete, building upgrades are not undertaken, contractors are unpaid, and allegations of mismanagement or theft are whispered. Raising funds to fix problems can be a challenge, and other solutions may include borrowing funds, selling assets, contracting out of management for guest parking, selling space on a roof, and applying to the Superior Court of Justice for an inspector or administrator. The cost of an inspector or administrator is paid by the condo corporation.