Perhaps one of the more confusing concepts when it comes to HOAs is the difference between having an insurance obligation and having a maintenance obligation. In what particular circumstances do you apply each? It is precisely this confusion that often lands associations in hot water for either failing to submit insurance claims or requiring ownersGo to Resource
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FHA Condominium Certifications: The Requirements and Prohibitions
Introduction The Federal Housing Administration (“FHA”) is a government-owned insurance company that insures home loans for buyers who cannot afford a conventional down payment or prefer to use their available funds in other ways. In other words, a FHA backed loan allows a home buyer to purchase the home with a smaller down payment thanGo to Resource
What is negligence? In simplest terms, to be negligent is to act in some careless way that causes harm to another. For example, someone is not paying attention while backing out of his driveway and ends up hitting his neighbor’s mailbox. The driver’s negligence (i.e., careless driving) caused damage to the neighbor’s mailbox, resulting inGo to Resource
No matter where your community is located, how big your community is, or what type of community you live in (condominium, townhome, single family, etc.), legal issues, and the need for legal advice, arise. Consequently, the board of directors should be aware of the attorney-client privilege and the protection it provides to associations regarding nondisclosureGo to Resource
Nobody has ever said that serving on the board of directors of a homeowners association was easy. Board members volunteer their time to give back to the community in which they live. In many cases, the board members are required to make difficult decisions to raise assessments, prioritize or postpone repairs, and enforce the covenants. Go to Resource