Tagfinances

A Practical Overview of the Condo Association Reserve Study

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The Condo Association reserve study is perhaps the most boring document you can imagine.  It is also one of the most important for your community.  It is a foundational document for all of your financial planning as a community, and the difference between smooth sailing and a special assessment.  Here is an overview of the Condo Association reserve study. What are Condo Association Reserves? As a...

Three Common Situations Where a Condo Board Will Waive Fees

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Life is messy.  There are many things that can unexpectedly happen which impact your life.  You might run into unexpected financial hardship, be relocated unexpectedly for your job, or suffer personal tragedy.  These issues can end up being overwhelmingly consuming.  While Condo Boards can be difficult and there are things that annoy them, they can also be compassionate.  Here are the three most...

Condo Association Special Assessment Preparation for Owners

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One of the scariest and impactful things that can happen to a Condo Association Owner is the dreaded Special Assessment.  Special Assessments are caused by a number of things – poor budgeting, unexpected repairs or perhaps deferred maintenance from a Condo conversion.  This can be a very disruptive time, but as an Owner, you have some options.  Here are steps to help you with Condo...

February 2017 Condo Association News

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We are still early in 2017, but the Condo world is off to a racing start.  This month had a number of interesting articles for every Condo and HOA geek to enjoy.  The dramatic Millennium Tower of San Francisco returns (it’s still tilting), the Michigan Condo blog drops serious wisdom (as always), and a lucrative story related to Condo dissolution.  Enjoy the February 2017 Condo Association...

Three Reasons to Buy in an Established Condo Association

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When you are Condo shopping, there’s a tendency to want to see the newest and best construction.  New buildings will have the most modern building codes, may be Leeds certified and environmentally friendly, and feature dazzling amenities.  All of these are good things.  However, if you’re an informed Owner, you know that a Condo is more than just the building – it’s the Association, the...

What is Condo Association Fiduciary Duty?

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The term “fiduciary duty” comes up often when talking about Condo and HOA Boards.  According to US Legal.com the official definition of fiduciary duty is: “A fiduciary duty is an obligation to act in the best interest of another party…A fiduciary obligation exists whenever the relationship with the client involves a special trust, confidence, and reliance on the fiduciary to exercise his...

Four Tips for Condo Association Budgets

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Fall is typically the time for developing Condo Association budgets.  This is because most Condo Associations run on a calendar year fiscal cycle and most Bylaws require a 30-day Owner comment period.  Budgeting is an extremely personal exercise – every community is different, with different amenities, costs, and tolerance for Condo fees.  Nonetheless, there are several tips that are...

July 2016 Condo Association News Roundup

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The July 2016 Condo Association news brings good tidings for Associations, positive real estate industry news, and some questions about marijuana and Associations in Colorado. U.S. Senate Sends FHA Condominium Approval Legislation to the President Dawn Bauman, Community Associations Institute, July 18, 2016 Continued great news for this piece of legislation, which I covered in February.  This...

How to Communicate a Condo Association Special Assessment

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Now that you’ve figured out your plan for your Special Assessment, you need to communicate it to your Owners, and in some cases, you may also need to hold a Condo Association Special Assessment vote.  This guide is focused on how you communicate a Condo Association Special Assessment to your Owners.  This is one of the trickiest parts of a Special Assessment.  To effectively make your case...

May 2016 Condo Association News Roundup

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Lots to cover in May 2016 Condo Association News.  A big verdict on the DR Horton Case I covered last month, drones crashing into building, proposed HOA tax credits and more.  For even more news, you can get an exclusive bonus update by signing up for the Better Condo Life mailing list. DR Horton negligent in Jax condo case, jury awards $9.6 million  Anne Schindler, First Coast News, May 20, 2016...

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