The elderly man tells his son he’s running out for bananas. He comes back empty handed and his son asks why. The elderly man says, “They were green, so I did not want to risk wasting money incase I’m gone by the time they ripen.” Unfortunately, some have the same attitude towards reserves. Board members …
Boca Raton, FL, March 15, 2023 (GLOBE NEWSWIRE) — RealManage, a leading condominium and homeowner association management services provider, announced the official rebranding of Condo Management Alternatives to RealManage. The move comes after Condo Management Alternatives became a part of the RealManage Family of Brands in April 2022…READ MORE
New England’s Residential Community Association Management Company Announces New Contract in Rhode Island CANTON, Mass., March 8, 2023 /PRNewswire-PRWeb/ — FirstService Residential, the leading New England residential community management company, started providing full-service property management services to Homestead Mill Condominium Association in Smithfield, Rhode Island…READ MORE
Association Loans Under what conditions may an association need to apply for a bank loan? Who is responsible for paying the loan? Can board members or homeowners be held responsible in the case of default? What are the benefits, if any, of taking out a loan as opposed to using reserves to fund projects? What …
PALM DESERT, Calif., March 08, 2023 (GLOBE NEWSWIRE) — Associa Desert Resort Management (DRM) – a leading provider of community management services throughout the Coachella Valley and Big Bear Mountain areas, is pleased to spotlight eight team members recognized for their contributions in 10 different award categories at the annual Community Associations Institute – Coachella …
The legal liability of knowing your fellow board members, even with approval from your association attorney is breaching fiduciary duty and similar scenarios. The topic is an adaption from CAI Law Seminar’s class, “Aiding & Abetting: Lawyer Liability for A Client’s Breach of Fiduciary Duty”. Your “no” vote may not be enough to keep you …
Big construction ticket items True replacement value Co-insurance: why the percentage matters When HOA documents state you must have 100% replacement value Deductibles Guaranteed replacement cost Inflation guard coverage Blanket coverage BOD liability in the event of a catastrophic loss Statutory minimum requirements Reserve big ticket items How to finance big ticket items
What are Covenants, Conditions, and Restrictions? In Ohio, Covenants, Conditions, and Restrictions (“CC&Rs”) are known as the declaration and bylaws. The declaration is a document filed with the county that declares the deed restrictions and designates the property as a planned community. Bylaws are a document also filed with the county that provides for the …
Must an association have written election procedures? It is not a statutory requirement that an association have a written election procedure; however, it is normal for an association to have an election procedure set forth in its bylaws. Is there a legal obligation to provide notice of an election? There is a requirement for notice …
