Recent Headlines Demonstrate the Importance of Associations Watching the Ledger

23 Nov

A recent article in the Star Tribune describes an unfortunate situation that has arisen for a local association that came to discover its finances were in shambles due to cost overruns that drained the Association’s reserves.  The article also describes a not uncommon situation that arises in the instance that one owner owns multiple unit, and thereby multiplied voting power.  The clout that the ownership brings is deserved considering the substantial amount of investment that owner has in the property, but also can be abused or simply perceived that way by other owners.  It sounds like it’s not the end of the story as to the outcome of the Association.  The full story from the Star Tribune can be found here.

Association’s financials affect each and every member in significant ways.  It is important to have a strong team of talented property managers, dedicated board members, and knowledgeable attorneys to ensure your association is on sound financial footing.  Contact the attorneys at Thomsen Nybeck regarding any and all of your needs in the area of Minnesota common interest ownership communities, which includes townhouses, condominiums, and single-family associations.

This blog entry is written by Chris Renz, a shareholder at Thomsen Nybeck. Chris practices in the litigation area of the firm with primary focus on wind energy-related lease litigation, real estate litigation, employment litigation, townhome and condominium law, and criminal law, particularly as the prosecutor for the Metropolitan Airports Commission.

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