Developer
- From Developer to Homeowners: A Brief Overview of Transition in New Jersey Community AssociationsCongratulations on becoming homeowners in your new community! As you settle in and start to personalize your spaces, an important milestone awaits: the transfer of control from the developer to the unit owners. This process, known as “transition,” marks the moment when you and your fellow residents take the reins of your community, shaping its future and ensuring its smooth operation. To help you and your community begin this process, here is a quick overview of the key information about community association transitions in New Jersey: Read the article…………………………….
- HOA Transitions from Declarant to Homeowner Controlled BoardsTransitioning an association from a developer-controlled Board to a homeowner-controlled Board can be a complex process with various challenges. However, with careful planning and execution, it can be a smooth and successful endeavor. In this guide, we’ll explore the essential steps and considerations for the newly elected HOA Board members to ensure a seamless transition, Read the article…………………………….
- The Developer is Offering the Association (a lot of) Money to Sign a Release- Should the Board of Directors Consider Signing it? (NC)Over the last year our firm has seen an uptick in offers to associations from the developer to pay money in exchange for signing a release. The language of releases can vary but the purpose is almost always the same – The money being offered to the association is in exchange for releasing the developer and any other named parties from any and all claims, known or unknown, that the association may have. Read the article…………………………….
- Another D.R. Horton subdivision under duress after finding out their HOA may never be turned over to home owners (LA)D.R. Horton is facing heat again with Livingston Parish residents in the Foxglove subdivision finding out they may never take over their homeowners association. Foxglove homes went on the market in 2020 and the neighborhood was in the process of building more homes. Residents bought their homes under the impression of purchasing a good quality home, and eventually taking over the HOA once construction was complete.Read the article…………………………….
Transition
- From Developer to Homeowners: A Brief Overview of Transition in New Jersey Community AssociationsCongratulations on becoming homeowners in your new community! As you settle in and start to personalize your spaces, an important milestone awaits: the transfer of control from the developer to the unit owners. This process, known as “transition,” marks the moment when you and your fellow residents take the reins of your community, shaping its future and ensuring its smooth operation. To help you and your community begin this process, here is a quick overview of the key information about community association transitions in New Jersey: Read the article…………………………….
- HOA Transitions from Declarant to Homeowner Controlled BoardsTransitioning an association from a developer-controlled Board to a homeowner-controlled Board can be a complex process with various challenges. However, with careful planning and execution, it can be a smooth and successful endeavor. In this guide, we’ll explore the essential steps and considerations for the newly elected HOA Board members to ensure a seamless transition, Read the article…………………………….
- Community Association Transition Litigation and the Selection of ExpertsIn the realm of civil litigation, the involvement of “experts” can make or break a case. An expert is a qualified individual with specialized knowledge, skill, training, education, or experience in a particular field relevant to the issues at hand in the case. These experts are called upon to provide their professional opinions, analyses, or interpretations on complex or technical matters that are beyond the understanding of the average person or the typical juror. Read the article………………………..
- Tips for a Successful Condominium or Homeowner’s Association Turnover (FL)Several things that can be done by the Association prior to and immediately after turnover for the benefit of the community. This information will benefit not only any forensic engineering firm in performing a Property Condition Assessment Report, but the community operations as a whole. Read the article………………………..
Buying/Selling
- Real estate lawsuit settlement upends decadeslong policies that helped set agent commissionsA 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 to pay $418 million to help compensate home sellers across the U.S. Read the article…………………………….
- Realtors’ Settlement Will Lower the Cost of Selling a Co-op or Condo (NY)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 flounderingKaren 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 HOAsWhen 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 involved to whether you’ll be willing to abide by certain rules. First, it’s important to understand exactly what a homeowners association does. Read the article…………………………….
- Lenders Identify Risks and Opportunities for Condo Lending (FannieMae)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 risks, as condo owners share financial responsibility for the operation and maintenance of the common areas and shared amenities. The complexities of underwriting condo project eligibility may also increase the costs and timelines for some lenders to approve and close these mortgages. Read the article…………………………….