CharooM1 (New Jersey)
Posts: 15
Posts: 15
Posted:
My Board of Directors has deemed it necessary to take out a total loan of 2.1 million. They never told us homeowners they were adding 800,000+ to initial loan and now it is a total of 2.1M. At open meetings their answers are vague and us owners never know what is going on. The Management company representative gives vague and false statements and answers to our questions as well. I have documented proof of this. In agreement with other owners, I have requested a list of copies of documents from management, such as closing papers of loans, its application, the projects and amounts listed for necessity of initial plus additional loan, past audits, contracts and prosals from laundry vendor since 1997, etc. Management rep first did not want to provide, now he says we can go to his head office to just "view" the documents. Don't we, as owners, who put our faith in the Board to do right by us, have a right to hard or even electronic copies of these past papers?
They have so much to hide and that is why Now we are asking for copies. Incidentally, the management rep's office is close, and head office is two hours away!
Please advise of our rights.
They have so much to hide and that is why Now we are asking for copies. Incidentally, the management rep's office is close, and head office is two hours away!
Please advise of our rights.