Resources

Uh-oh, Our Builder Filed Bankruptcy. Now What?

Filed Under Collections, Litigation

Posted September 23, 2011

In the Association context, the term “Declarant” usually refers to the developer of the community. While the project is being developed, the Declarant is responsible for the management of the Association. Also, the Declarant initially holds the voting rights and appoints the first Board of Directors. When the Declarant is finished building the community andGo to Resource

Special Assessments, Reserve Funds, Reserve Studies, Oh My!

Filed Under Financial

Posted September 23, 2011

Hypothetical: Owner lives in a decades old association. Owner consistently pays assessments in a timely manner. Owner’s association needs to make a major renovation to replace siding and repair wood structures, which will cost the association approximately two million dollars. The association does not have an adequately funded reserve fund and a special assessment isGo to Resource

Private Transfer Fees: Which Side Are You On?

Filed Under Governance, Misc

Posted September 23, 2011

A private transfer fee (“PTF”) — also known as a reconveyance fee instrument — is a financial instrument where a developer adds to a covenant, a deed, or home purchase contract requiring a percentage of a home’s sale price (usually 1%) be paid every time the property is sold, typically for 99 years. To viewGo to Resource

Online Voting for Board Elections

Filed Under Governance, Misc

Posted September 23, 2011

Your association recently had its annual meeting and 2 board positions were up for election. Out of 200 members, 10 were in attendance at the meeting, and an additional 10 submitted a proxy for their vote. There were a total of 20 votes out of a possible 200, or ten percent. Was apathy or inconvenienceGo to Resource

Missing Puzzle Pieces – Do You Have All of Your Annexation Documents?

Filed Under Amending Your Governing Documents, Governance

Posted September 23, 2011

Have you ever needed to pursue litigation against an owner for either covenant enforcement violations or failure to pay assessments? Have you ever considered amending the declaration for your community? Have you ever considered obtaining FHA certification of your community so that borrowers can obtain FHA insured loans? Chances are a majority of associations wouldGo to Resource

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