Helpful advice

Changes to the condominium law
On January 1, 2012 changes to the Vermont Uniform Common Interest Act, Title 27A V.S.A., will go into effect. These changes are in the areas of meetings notification, keeping records, proxies, and assessments just to name a few. Condominium associations must abide by these rules so it is a good idea to become familiar with them. It is a very good idea to have your association Declaration and Bylaws amended to reflect these changes so they are in your documents when referring to them. Otherwise you will have to learn what is in Title 27A so your association doesn’t violate the law. However, in spite of what some Vermont lawyers are saying, it is NOT required to amend your Declaration and Bylaws. The cost to do so will run around $2000-3000.

Capital Needs Assessment
It is advantageous to have a budget of income and expenses projected ten to fifteen years ahead. The main reason is to insure that adequate money is being put into reserves each year to cover long term maintenance needs. This can be accomplished by hiring a professional to conduct a capital needs assessment study.

Condominium Insurance
Association boards have a responsibility to members to inform them of what the master insurance policy covers and does not cover. Association property owners should understand that they too have to have coverage for their unit. Knowing what coverage they need is very important.

Informative/Educational Source
The Condominium Associations Institute is a national organization that has been the leader in providing proven education resources for community associations for more than 30 years. It is an outstanding resource for association board members. Go to www.caine.org for the regional chapter

Increasing Property Value
With the help of the property manager the board should look at ways to increase unit values other than real estate appreciation. Consider landscaping upgrades, better use of common land and building exterior improvement, for example. Owners want to know that their unit, should they decide to sell, will be appealing to prospective buyers. A lot of thought should go into this area.