HOA News, Advice, and Tips
If you are on the board of directors of a homeowners association, you will want to make sure that all the neighbors pay their fair share in a timely manner. Doing so will prevent you from facing a financial crisis later on, because until you have paid your dues, your budget will be undergo a […]
Continue ReadingEver since the mortgage crisis and its accompanying spike in assessment delinquencies, policy makers have been working to address the question of who should pay the cost of collecting past due assessments. Surprisingly, in many states that answer is….. you. Imagine your neighbor has racked up more than $500 in late fees on their credit […]
Continue ReadingA down economy is no fun. Not for you, not for your neighbor, and certainly not for your Homeowners Association. Homeowner delinquencies and HOA operating costs are both on the rise, creating a perfect storm for collecting assessments. We’ve put together a list of 4 tips that should help. 1. Take control Many HOA boards leave […]
Continue ReadingBoard members have the fiduciary responsibility not only to monitor the income and expenses of their association but also to utilize processes that provide both safety for assessments collected from homeowners and control of costs. If your community association or management company has not recently reviewed your payment processing and cash management systems, you may […]
Continue ReadingThere are many important characteristics of a successful community association. However, the cornerstone of an association is its financial position and accounting practices. This is why it is so important for board members to understand basic accounting vocabulary.
Continue ReadingWhen buyers look at condos or homes in an HOA, their first question is often how much are the association fees. For many buyers, low HOA fees are attractive. In newly built or converted condos, fees can be kept relatively low because new systems are in place. An association may be able to defer dealing with costs […]
Continue ReadingIn this busy “budget time” of year, when so many associations (those with a 12/31 Fiscal Year End) are working on their budgets, it is a good time to remind my readers why Reserve contributions are important. And it’s not just me. A prominent Southern California attorney, Mr. Robert DeNichilo, just wrote a nice summary […]
Continue ReadingAt a time when a significant number of Floridians are still struggling to make ends meet, millions of Florida homeowners could be faced with the threat of yet another forced increase in their cost of living. At issue is what some attorneys in Florida want to call the “unlicensed practice of law” by community association […]
Continue Readingfiduciary (n) – a person to whom power or property is entrusted for the benefit of another When you join the Board of Directors of your HOA, you’re doing more than just volunteering your time and talents, you’re making a legal agreement to act as a fiduciary on behalf of your fellow owners. This carries legal consequences […]
Continue ReadingWhen a homeowner purchases a home that is a part of a COA, HOA or POA there are generally fees that must be paid out at the closing table that belong to the community. In order to find out what fees are due at closing, it is the responsibility of the closing attorney to request […]
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