Do you ever wonder why associations don’t receive property tax bills for common elements? It’s because the Colorado Common Interest Ownership Act (CCIOA) prohibits municipalities from separately taxing common elements. Specifically, Section 105(2) of CCIOA states, “common elements shall not be separately taxed or assessed.” How, then does the government get its money? Go to Resource
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Promissory notes are often the simplest way to finance the purchase or sale of a business. As we explained in our October 4, 2012 post, promissory notes are negotiable instruments similar to checks. But what happens when the person who signed the promissory note (also known as the “maker”) doesn’t pay when heGo to Resource
We’ve written articles in the past about why associations should foreclose on banks who own homes in your community. We’ve explained that banks should be treated like any other owner and that you shouldn’t sit on the delinquent account waiting for the lender to sell the home. In a recent story in CAI’sGo to Resource
The U.S. Department of Housing and Urban Development (HUD) released its annual report to Congress on the financial condition of the Federal Housing Administration Mutual Mortgage Insurance Fund yesterday. In a statement issued today, FHA acknowledges that it continues to be impacted by losses from mortgages originated prior to 2009. In its statement,Go to Resource
Many of us have been taught the wisdom of a hand up versus a hand out. One association in California has taken that to heart. The association developed a community spirit team which helps owners who are facing fines and violations for deteriorating home conditions. The team helps owners who can’t take correctiveGo to Resource