So after many back-and-forth emails with my realtor, I received the following from the majority owner of the condos:
We are on an accrual basis for accounting and do not carry long term reserves. We collect the small amount of fees each month and pay the common expenses and then carry forward the balance for the winter months and any ordinary repairs.
We did not have regular meetings as the association only handled the regular expenses and with only three of us on very busy and different schedules any issues were handled over the phone or via email. Things are very simple, and likely will be underwhelming for your buyer given his participation in a larger association.
There is not a formal history of repairs, as our repairs have generally been small issues (parking lot light replaced, etc). We finally replaced the courtyard sign last year, and a few years ago replaced the stones in the courtyard and in front of the building. All of these were paid for out of the accumulated monthly fee with no assessment.
We file a registration with the state each year and we file a tax return each year. I can forward the tax return if he feels that would be helpful.
I will be happy to speak with him on Friday, but I have meetings most of the day so it won’t be until late in the day.
Part of me says, "how bad can it be", while the other half says, get away, far, far away.
