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by CareyBot

DEAR BOB: I own and live in a nice condo in what I thought was a well-managed association of 24 condo owners. But when our longtime treasurer, a retired CPA, suddenly died, we discovered we are practically broke. He was a nice old man who everybody loved. At his funeral, which almost all the condo association members attended, he was highly revered, as if he was almost God. But a few weeks later, after our condo board of directors appointed a new treasurer, we discovered the ugly facts. He wasn't corrupt, but he just didn't tell us we needed to raise the dues to have adequate reserves for emergencies. Isn't there a law requiring adequate reserves? – Harper T. DEAR HARPER: State condominium laws establish guidelines, such as periodic reserve replacement estimates. But there is virtua...