Estate planning is not just for the rich or the elderly; it is an important part of being financially responsible and taking care of your loved ones. However, it is often an issue that is avoided or ignored until it is too late. Estate planning should be a priority...
Corene C. Ford
Maximizing the Chances of Success of Your Community in Light of the Latest Fannie Mae and Freddie Mac Lending Guidelines for Condominiums and Cooperatives
Shortly after the collapse of the Champlain Towers Condominium in Surfside, Florida in 2021, Fannie Mae (“Fannie”) and Freddie Mac (“Freddie”), the government-sponsored entities which support the secondary mortgage market in the US and wield enormous power over...
The Corporate Transparency Act’s Impact on HOAs and Condominium Associations
Homeowners Associations (HOAs) and Condominium Associations play large role in maintaining order, managing common spaces, and preserving property values. These organizations are in most cases run by a board of directors made up of volunteers. The recent introduction...
General Considerations for Handling Modification Requests from the Association’s Perspective
Architectural control and the authority to approve modifications are some of the most important responsibilities of a residential association and can present difficult issues. Both homeowners associations and condominium associations will often have the authority to...
Residential Landlords: Don’t Blindly Trust your Property Management Company’s Residential Lease
Lately, it seems I am doing a lot of reviews for landlord clients of leases provided to their tenants by property managers they hired to manage their residential properties. It is clear after review of many of these leases that either the property managers have: 1)...
Director v. Officer Removal in the Residential Association Context
At least once a year I receive a call from a board member or property manager in which I am informed that the board of directors has voted a fellow director off the board. When I inform the caller that this is probably not possible in the typical residential...
John Oliver and GEICO are Wrong about HOAs
If you're a fan of John Oliver's humor (like I am) and GEICO's talking gecko (he’s ok and was smart enough not to star in the commercial I am talking about), you may have seen Oliver’s recent segment[1] and GEICO’s[2] recent ad poking fun at Homeowners Associations...
When It’s Time to Change: Considerations When Taking the Reins of the Association from the Developer
There is a special time in every young residential association’s life when it is time for control of the association to transfer from the developer to the association’s members—those who own lots or units in the community who are not the developer. This transition is...
Common Estate Planning Documents: Clearing up the Confusion
Often when clients come to us for their estate planning needs, they are confused about what they want or need. Many times they ask for one thing, perhaps a will, but it turns out what they are really asking for is a Trust or some other estate planning document. Estate...
Board Decision Making and the Business Judgment Rule
We have recently spent some time focusing on the role of an Association’s board of directors as the entity designated to make decisions for the Association, the fiduciary duties of board members in making those decisions, and adoption of policies and standards for...