When looking for a condominium, it’s not enough to scout the property. You should also look closely into the Condominium Owners Association (COA) because it’s in charge of security, trash pickup and other property matters. The COA would also require condo owners to become members of the association. Read the article…………………………….
HOA Q&A: Is a ‘capital contribution’ of hundreds of dollars charged to new owners legal? (FL)
Editor
/ Owner - April 13, 2024
Q: The board of my condo association, which has over 400 units, has been charging and collecting a fee of around $900 from all new owners when they buy a unit and the fee is categorized as a “capital contribution.” Is such a capital contribution allowed under the Florida Condominium Act? Read the Q&A………………………………..
Estoppel Certificates’ and Other Disclosures Explained (FL)
Editor
/ Owner - April 9, 2024
Q: I am in the process of selling my condominium unit and recently come across the term “estoppel certificate,” but I’m not quite sure what it means. Could you provide an explanation on exactly what kind of information is included on an estoppel certificate and just how much it typically costs to get one? I’d […]
Construction concerns: 100+ lawsuits connected to company building homes in Tampa Bay area (FL)
Editor
/ Owner - April 9, 2024
The demand for housing across Florida has never been higher, and developers are building new homes at rapid rates. But some homeowners are concerned the quick builds are compromising quality, forcing ongoing repairs upon move-in. Read the article…………………………….
A showdown pits owners of second homes against full-time residents in the Poconos (PA)
Editor
/ Owner - April 9, 2024
The Hideout, a gated community in the Pocono Mountains of Pennsylvania, had long operated under an unspoken covenant. Whether by choice or by circumstance, the second-home owners deferred to the needs of full-time residents, a core 900 or so households. Read the article…………………………….
Navigating the Future of Estoppel Certificates Amid Proposed Statutory Changes (FL)
Editor
/ Owner - April 5, 2024
Estoppel certificates play an important role in the Florida real estate transactions process. Not only do they provide buyers and sellers with certainty regarding monies owed at the time of sale, but they also provide Florida community associations (Homeowner Associations, Condominium Associations, and Cooperative Associations) with the ability to ensure that they are able to […]
What To Expect If Your Home Is Part of a Homeowners Association
Editor
/ Owner - April 4, 2024
It may not be the first thing you think about when you’re looking to buy a home, but it is a question you may find yourself asking: Do I want a home that’s part of a homeowners association? A homeowners association is a planned development of houses, often nestled in a gated community or a […]
Want to buy an older condo? You may face up to $100K in extra costs (FL)
Editor
/ Owner - April 3, 2024
Realtor Leslie Pires of Bustamante Real Estate in Orlando remembers when condos were one of the less expensive ways to own a home. “There was a time – even a few years ago – when someone could say, ‘I want a $1,500 monthly mortgage,’ and you’d show them a condo,” Pires said. “Now, I’d say, […]
Insurance trends are deciding where Americans will live as planet heats
Editor
/ Owner - April 3, 2024
Climate change and generations of US housing and development policy are making homes, neighborhoods, and entire municipalities riskier to insure, undermining the ability of Americans to live where they choose. The current face of this crisis is a nationwide withdrawal by the insurance industry from regions threatened by wildfires and hurricanes, particularly along the Gulf […]
“You’ve got to make changes”: why developers switch representation
Editor
/ Owner - April 1, 2024
Trinity Place Holdings’ condo at 77 Greenwich Street is a revolving door of sales teams. Since sales launched in 2019, the developer has tapped four sets of brokers to take the reins, with news of the latest shakeup announced just last month. Five years in, only 40 of the tower’s 90 units have sold. Brokers […]
HOA rules and fees aren’t restrictive. They’re a trade-off for a better home.
Editor
/ Owner - March 29, 2024
My house is my home but it’s also an investment. Over time, I hope my property retains its value and appreciates. I once owned a home in Florida without a Homeowners Association (HOA). On one side a neighbor parked his beat-up truck in the driveway. On the other, a homeowner landscaped with weeds. Needless to […]
Real estate lawsuit settlement upends decadeslong policies that helped set agent commissions
Editor
/ Owner - March 16, 2024
A powerful real estate trade group has agreed to do away with policies that for decades helped set agent commissions, moving to resolve lawsuits that claim the rules have forced people to pay artificially inflated costs to sell their homes. Under the terms of the agreement announced Friday, the National Association of Realtors also agreed […]
Realtors’ Settlement Will Lower the Cost of Selling a Co-op or Condo (NY)
Editor
/ Owner - March 15, 2024
The National Association of Realtors (NAR), a powerful organization that has set the guidelines for home sales for decades, has agreed to settle a series of lawsuits by paying $418 million in damages and by eliminating a bedrock of the industry: the 6% sales commission. Read the article…………………………….
‘It’s paradise lost’: Florida’s condo market is floundering
Editor
/ Owner - March 9, 2024
Karen Shipman and her husband bought a second-story condo overlooking the Gulf of Mexico in Venice, Florida when they retired in 2021, with the hopes it would be their last home. Now, they’re no longer sure if they can afford to keep it. Read the article…………………………….
Your Guide to HOAs
Editor
/ Owner - February 29, 2024
When searching for your next home, the neighborhood or community you choose matters when it comes to things like affordability, proximity to work and the right schools for your kids. If the neighborhood you like best is governed by a homeowners association, you’ll have a few more factors to consider, from the additional monthly cost […]
Lenders Identify Risks and Opportunities for Condo Lending (FannieMae)
Editor
/ Owner - February 22, 2024
With the U.S. housing market continuing to confront the significant supply shortage of homes for sale, condos may play an important role in narrowing the supply gap of affordable housing options1. While condos represent nearly 10 percent of the mortgage market, they often play a larger role in many metropolitan areas2. Condos also present unique […]
Insurance Changes Could Lead to Association Members’ Inability to Sell Their Units
Editor
/ Owner - January 30, 2024
Fannie Mae and Freddie Mac are large, government-backed companies that play a crucial role in the mortgage market. In late 2008, following the global financial crisis, the federal government took over operations at both companies, and these government-sponsored enterprises (GSEs) now guarantee most of the mortgages in the United States. Read the article…………………………….
Ask a real estate pro: How can we find out about upcoming assessments before we buy a condo?
Editor
/ Owner - December 21, 2023
Q: Before buying our unit, we rented another apartment in the condominium for a month and tried to meet as many people, including staff, to learn as much as possible. Shortly after we bought our unit, the building passed a special assessment to boost reserves. We were sent a letter about another assessment to go […]
What Is a Condo? Everything You Need to Know
Editor
/ Owner - December 19, 2023
Tired of living in an apartment? Need to downsize? Then a condominium, or a condo, may be the home solution for you. But what is a condo? Read the article……………………………
What Is a Homeowners Association (HOA) and How Does It Work?
Editor
/ Owner - December 17, 2023
A homeowner association (HOA) is an organization in a subdivision, planned community, or condominium building that makes and enforces rules for the properties and residents. Those who purchase property within an HOA’s jurisdiction automatically become members and are required to pay dues, which are known as HOA fees. Read the article…………………………….
Fannie Mae and Freddie Mac to share why some condos are ineligible for loans
Editor
/ Owner - December 13, 2023
Federal loan guarantor Fannie Mae will make its secret “blacklist” of condos it will not finance available to condo associations and unit owners next year.Its counterpart Freddie Mac, meanwhile, will roll out new guidelines by early 2024 that will enable condos ineligible for financing to appeal their status. Read the article……………………………….
10 things to know before you buy in a community association
Editor
/ Owner - December 10, 2023
Are you planning to buy a home in a community association? There are a host of advantages to buying a condominium, cooperative, or single-family home in a planned community. A well-run association will protect property values in the community, maintain common areas (and perhaps even your own property), provide access to amenities like swimming pools […]
Florida Laws and Regulations Regarding HOAs and Condo Associations
Editor
/ Owner - December 9, 2023
(Real Estate Issues) Tenants rights, investment caps, document requirements and other legal specifics aimed at community associations. Read the article…………………………….
Is there a standard for figuring out the square footage for a condominium?
Editor
/ Owner - December 8, 2023
Q: I recently attended an open house for a two-bedroom, two-bath condo in a south suburb of Chicago. I have seen several of the same units for sale online over the past few years. The condo was very nice, but the square footage on the listing confused me. Read the Q&A………………………………
Counting the True Price of Adhering to HOA Guidelines
Editor
/ Owner - December 6, 2023
Now, if you’re still in the market for a home and would also like to find one in a community with added features and shared amenities such as a gym, pool, tennis courts or landscaping maintenance, you might want to consider buying a home with a homeowners association (HOA). Read the article……………………………..
10 things to know before you buy in a community association
Editor
/ Owner - November 29, 2023
Are you planning to buy a home in a community association? There are a host of advantages to buying a condominium, cooperative, or single-family home in a planned community. A well-run association will protect property values in the community, maintain common areas (and perhaps even your own property), provide access to amenities like swimming pools […]
Older Condo Woes Make it Harder to Buy/Sell Units (FL)
Editor
/ Owner - November 16, 2023
After Rich Engels’ mother died earlier this year, Engels decided to sell her condo unit in Sunrise Lakes Phase 4. He lined up a buyer, but he said the deal fell apart after the lender learned that the condo building had no wind insurance. Lenders won’t approve mortgage loans on buildings that are not insured […]
HOA Basics (TN)
Editor
/ Owner - November 13, 2023
HOAs get a bad rap among homeowners, and in far too many cases, that is regrettably justified. My legal education on the subject stems from personal experience. Read the article………………………..
Can You Refuse to Join a Homeowners Association?
Editor
/ Owner - November 9, 2023
Unfortunately, you cannot refuse to join a Homeowners Association, according to Chis Gooch, an attorney with Fennemore. “If you purchase a home or condo that is subject to recorded CC&Rs, then you have effectively agreed to be subject to those rules and governance by the HOA,” says Gooch. Read the article……………………………………
Homeowners associations can be a boon, or bust, for buyers. Here’s how to vet HOAs when house hunting
Editor
/ Owner - November 5, 2023
While shopping for homes is increasingly competitive, prospective buyers should consider an additional factor when weighing the pros and cons of a given property: the homeowners association, or HOA. Read the article………………………………
Feds Seek to Enhance HECMs for Senior Homeowners
Editor
/ Owner - November 4, 2023
The Federal Housing Administration (FHA) has is seeking industry feedback on a set of proposed policy updates to its Home Equity Conversion Mortgage (HECM) program designed to improve program stability and to respond to changing market conditions……….(inc.) Allowing outstanding homeowner’s association dues to be included in the calculation of a repayment plan for borrowers who are […]
Fannie Mae keeps a secret condo blacklist. Why? (MA)
Editor
/ Owner - November 1, 2023
Shortly after Nicholas Perricone bought his condo in the Financial District on June 30, 2022, he joined the building’s board of trustees. That’s when he began hearing stories of fellow owners who tried to sell their units only to have the deals fall apart at the loan office. Read the article…………………………
What is a homeowners association (HOA) and how does it work?
Editor
/ Owner - October 24, 2023
An increasing number of homes across the U.S. are governed by private organizations known as homeowners associations (HOAs). These groups exist to enforce community rules, maintain common areas and provide security, which can bring peace of mind to homeowners. However, living in a community governed by an HOA also requires paying dues and forgoing some […]
Man warns others after surprise HOA fees revealed while selling Knoxville home (TN)
Editor
/ Owner - October 11, 2023
An East Tennessee man was surprised with Homeowner’s Association fees that were part of the closing costs on his home in Knoxville. Another thing that caught his attention was the HOA fees that the buyer of his home had to pay. Read the article…………………………….
How HOA Fees Work in New-Construction Communities: What To Expect
Editor
/ Owner - October 2, 2023
When purchasing a new-construction home, most buyers prepare for the down payment, closing costs, and subsequent monthly mortgage payments. But one additional expense that sometimes gets forgotten in initial calculations is homeowners association (HOA) fees. Read the article………………………………..
What is a DUCIOA?Resale Certificate and why do I?need it? (DE)
Editor
/ Owner - September 22, 2023
The resale certificate is a document promulgated in response to a consumer protection law in Delaware known as the Delaware Uniform Common Interest Ownership Act (DUCIOA). The law’s purpose is to disclose vital information about, among other things, a community’s financial health, a potential resident’s financial obligation, the rules and regulations that govern its residents, […]
Condo review process changes impact loans
Editor
/ Owner - September 21, 2023
Effective this week, Fannie Mae and Freddie Mac backed loans will begin to require additional information as part of the condominium review process. At the direction of the Federal Housing Finance Agency, Fannie Mae and Freddie Mac have worked together to update project review requirements to assist lenders in identifying projects that may have issues […]
Fannie Mae and Freddie Mac: New lender requirements take effect
Editor
/ Owner - September 15, 2023
In July, Fannie Mae and Freddie Mac released updates to project eligibility standards for condominiums and housing cooperatives. Read the article………………………..
$30K fine for B.C. real estate agent who failed to warn clients about special levy before condo purchase (BC)
Editor
/ Owner - September 10, 2023
A second B.C. real estate agent has been ordered to pay more than $30,000 for failing to notify his clients about an impending special levy before they purchased a condo in White Rock. Read the article………………………..
Five Red Flags to Look For During Condo Document Review
Editor
/ Owner - September 6, 2023
One of the first things you should look at when evaluating a condo is whether it is in good financial health or not. In this edition of First-Timer Primer, we review five potential red flags you may encounter when reviewing documents for a condominium you are considering purchasing. Read the article………………………..
Questions Prospective Homeowners Should Ask Before Buying Into an HOA (CO)
Editor
/ Owner - September 5, 2023
The Colorado Common Interest Ownership Act (“CCIOA”) defines a Common Interest Community as “real estate described in a declaration with respect to which a person, by virtue of such person’s ownership of a unit, is obligated to pay for real estate taxes, insurance premiums, maintenance, or improvement of other real estate described in a declaration.” […]
What To Know About Buying A Condo
Editor
/ Owner - September 5, 2023
A condominium, also just known as a condo, is different from buying a house. If you’ve never bought one before, you might be surprised at just how different it can be. The process is different, in addition to the differences in the condo lifestyle. Before you purchase, you need to understand the condo lifestyle to […]
Let’s make a deal: Morris Township makes offer to condo owners to extend affordable status (NJ)
Editor
/ Owner - September 2, 2023
Morris Township has a proposition for owners of 64 condos in the Moore Estate. The municipality will pick up their tab for deck upgrades on the property–estimated to cost $4,000 to $6,000 per owner–and will give each of them a $5,000 bonus. All they must do in return is agree to extend affordable housing controls […]
Fannie Mae and Freddie Mac New Lender Requirements Go Into Effect in September
Editor
/ Owner - September 2, 2023
In July, Fannie Mae and Freddie Mac released updates to project eligibility standards for condominiums and housing cooperatives. A project refers to a condominium, housing cooperative, or any multi-family common interest ownership association with more than five attached units. Read the article………………………..
Costs Clients May Not Know When Buying a Condominium
Editor
/ Owner - August 23, 2023
Investing in a condominium can be an enticing prospect for many prospective homeowners. With amenities, maintenance, and a sense of community all bundled into one package, condos offer a unique living experience. Read the article………………………..
Look for These Red Flags in Any HOA Contract
Editor
/ Owner - August 21, 2023
Having a homeowner’s association (HOA) for your neighborhood or condo building brings some advantages, such as regular community maintenance and improvement. However, HOA rules can also be extremely restrictive, and while some are optional to join, others are required if you want to purchase property in the area. Moreover, HOA dues can add a lot […]
What To Ask When Buying A Condominium
Editor
/ Owner - August 20, 2023
Before buying a condo, it’s crucial to ask the right questions. Understand your ownership rights and the reserve fund’s financial status. Familiarize yourself with the condo’s rules and potential pet restrictions. Read the article………………………..
5 Details You Should Really Pay Attention to in HOA Contracts
Editor
/ Owner - August 16, 2023
Homeowner’s association (HOA) contracts are famously detailed — from outlining how high your grass should be to what color to paint your home. Most everyone knows that big problems can arise when HOA rules aren’t followed, but if you’ve already signed the contract, it can be tough (or impossible) to have much autonomy. Read […]
HOA Homefront: Avoid these HOA myths
Editor
/ Owner - August 16, 2023
There are HOA myths that are harmful. Here are some of the most common ones. Governing documents are boilerplate. Most HOA homebuyers read their purchase contract but ignore the CC&Rs, bylaws, and rules. Those documents are binding whether or not they are reviewed, so avoid surprises and read them. Read the article………………………..
Fannie May and Freddie Mac Release Lender Bulletins for Condo and Co-Op Mortgages – What do Illinois Condominium Associations and Co-Ops Need to Know?
Editor
/ Owner - August 14, 2023
In the wake of the tragic 2021 condominium building collapse in Surfside, Florida, Fannie Mae (“Fannie”) and Freddie Mac (“Freddie”) adopted temporary eligibility guidelines for loans insured by Fannie and Freddie for condominium units or co-op apartments and required the completion of a condominium project questionnaire addendum in Form 1076. Recently, Fannie and Freddie released […]