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Developer

  • Financial woes downstream for Falling Waters (IN) With years of financial and legal woes now in the past, developers of the Falling Waters subdivision are hoping to get back on track, welcoming new buyers to the upscale development.  “The homeowners are just ecstatic,” said Babe Woodward of Prime Real Estate in Crown Point.  The development, located just east of the Lake/Porter County line and south of Division Road, was taken over by a new owner, who cleared the site of the $19 million debt that was holding it back, according to attorney David Woodward.    Read the article…………..
  • Small victory for homeowners in Helen’s View case (WA) A small victory in the ongoing legal case between the Helen’s View Homeowners Association and developers seeking to build on an HOA remainder parcel happened last week as a county Superior Court judge ruled to remove lis pendens, or a notice of pending litigation, from properties implicated in the suit.  Clark County Superior Court Judge Daniel Stahnke ruled in favor of the plaintiff, the Helen’s View HOA, releasing the lis pendens currently on property within the HOA as a result of the association’s suit against Holt Opportunity Fund 2013 LP, a developer looking to build a subdivision on more than 100 acres of land located in a remainder parcel listed as a part of the HOA.    Read the article…………..
  • Association Deficits Don’t Excuse Developer From Funding HOA Reserves Developers must establish and fund reserve accounts for their projects during the initial years while they retain control of the homeowner associations. However, there are various legal and bookkeeping maneuvers that they often employ to attempt to avoid or diminish their contributions for reserves, which are intended for use for major future maintenance expenditures.      Read the article…………
  • Developers want my condo, so how can I fight it? Q: I enjoy reading your informative Q&A columns. I currently have a condo unit I rent out to a tenant. Recently a real estate developer called me and left a voice message about selling my unit at a premium. I am sure he has done this to the other condo unit owners in the building (about 80 units in the building). I am strongly reluctant to sell since I have plans to one day move back to the condo once my elementary school age kids get older.  My questions are: (1) How many units do they need to have a majority to force the sale of the entire building? (2) How to I prevent this from occurring (short of pleading ...

Developer Article Archives

Transition

  • Turnover: Transitional Considerations for the HOA Part one of this blog discussed turnover in its initial stages: the events that trigger turnover and the files and papers the developer is required to produce to the homeowners’ association at the time of turnover. Once an association has completed those steps, the board must then turn to critical business and make crucial decisions for the association. Associations and their boards should bear in mind the following issues as they go through turnover and immediately thereafter.  Subsequent to turnover, the association is independent from the developer and its support. At that time, the Board must ensure that the developer delivered on all its promises, and that the physical property and the association’s finances were properly maintained during the time ...
  • What Condominium Owners Should Know About Developer Turnover of the Association: Part II During the construction and initial sales of units within a condominium association, the developer will manage the association’s operations and governance. This means the developer controls the association’s board of directors. Once the development is constructed and a certain percentage of units are sold, then turnover of control of the association to the unit owners must occur. What follows is an overview of what every condominium owner should know about developer turnover of the association.   Read the article………..
  • What Condominium Owners Should Know About Developer Turnover of the Association: Part I During the construction and initial sales of units within a condominium association, the developer will manage the association’s operations and governance. This means the developer controls the association’s board of directors. Once the development is constructed and a certain percentage of the units are sold, then turnover of control of the association to the unit owners must occur. What follows is an overview of what every condominium owner should know about developer turnover of the association.    Read the article…………
  • Turnover: An Important But Often Misunderstood Event for Homeowners’ Associations One of the most critical events a homeowners’ association will face is the “transition” or “turnover” of the association from the developer of the community to the homeowners of the community. However, many homeowners and purchasers may be unaware of what the process of turnover entails, or even what turnover of the community really means. “Transition” or “turnover” of the association means that homeowners in the community are entitled to elect at least a majority of the members of the board of directors of the homeowners’ association.    Read the article………..

Transition Article Archives

 

Buying/Selling

  • New law sets fee limits on condo resale documents (MD) In the 2016 session of the Maryland General Assembly, legislation under House Bill 1192 was passed that alters the contents of required disclosures, authorizes additional fees, and sets limits on fees that may be charged to a seller by a condominium council of unit owners for providing resale documents.  Owners of a condominium unit or a unit in a homeowners association (HOA) should be aware that this legislation set a maximum amount that can be charged by the condo association, HOA, or any authorized agent of either.      Read the article……………
  • 20 Mar Community Association Law: Can You Turn Down an Applicant for Sale or Lease? (FL) Your community association’s Governing Documents provide the association with the right to review and approve sales and rentals; and to charge a transfer fee to cover the costs of processing the transaction. You have an application form and you pay a company to run a background check. So, can you actually turn any of the prospective applicants down? Would the association have to buy the house or the unit if you do turn an applicant down?      Read the article……………..
  • Attack of the Killer HOA Fees Homeowners association fees have been on the rise throughout the country. In 2005, the average monthly HOA fee among all households in the country stood at $250. By 2015, the average fee was $331, a pace that’s not only outpaced the nation’s housing prices, but exceeded the inflation rate by 5.9%.   (Editor’s note:  This article isn’t written very well.  They often are comparing condo to HOA fees or combining them when they shouldn’t – they aren’t they same thing, especially when it comes to fees)      Read the article……………
  • Three Reasons to Buy in an Established Condo Association When you are Condo shopping, there’s a tendency to want to see the newest and best construction. New buildings will have the most modern building codes, may be Leeds certified and environmentally friendly, and feature dazzling amenities. All of these are good things. However, if you’re an informed Owner, you know that a Condo is more than just the building – it’s the Association, the finances, and the Board. You really can’t know how strong a building is until it has had time to operate and come together. Here are some reasons to buy in an established Condo Association.   Read the article…………
  • What is a Community Association? Unwrapping the Riddle There are approximately 14,000 planned communities located throughout North Carolina, but very few of the nearly 3 million residents of such communities have a clear understanding of what the heck the community association really is that serves their planned community or condominium.  In short, a community association is a nonprofit organization, either incorporated under the North Carolina Nonprofit Corporation Act (“Chapter 55A”) or unincorporated pursuant to the North Carolina Uniform Unincorporated Nonprofit Association Act (“Chapter 59B”). The association is formed to provide services and enforce the association’s declaration, covenants, articles of incorporation, bylaws, and rules and regulations (collectively, “Governing Documents”) within a planned community or condominium. The owners of lots or units are the members of the association.    Read ...

Buying & Selling in a Community Association Archives