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The Latest on Real Estate, Community & Insurance Law
Who Pays Special Assessments at Closing in Florida?
A special assessment is an additional charge assessed by a Homeowners Association (HOA) to cover the cost of repairs or improvements to the common areas of the community. Special assessments are important to HOAs in Florida for a variety of reasons. They: Provide a way to finance major repairs or improvementsSpread the cost of these items... read more
Special Assessment versus Condo Termination – Laying out the options
Most condo owners who live in a condo that requires a special assessment are faced with a dilemma. Should they pay the special assessment for the repairs that are scheduled to be made to the building? Or, should they vote to have the condo terminated, and have their individual units sold? These are the two... read more
What is a Special Assessment in Florida?
A special assessment is a charge imposed by an HOA on its members for a specific purpose, such as capital improvements or repairs and maintenance. Special assessments are typically levied in addition to the regular monthly or annual assessment. Special assessments are imposed to finance certain improvements or services that will directly benefit the property... read more
Major Rehabs and Special Assessments with Your Association
Anytime maintenance is deferred, it improves a Condo Association’s cash flow in the immediate term. There are times when this is extremely valuable and necessary, but it does not eliminate the required maintenance from happening sometime in the near future. Often, this deferment then requires a major rehab and a special assessment with your association. ... read more
Condo Associations & Condo Terminations – What You Need to Know
Condo terminations are usually a complicated and stressful situation to navigate. There is a sour taste in many long-term condo owners’ mouths from the termination attempts in the aftermath of the Global Financial Crisis of 2008-9 when vacant condos led some associations to become insolvent. What they didn’t know was how that left the remaining... read more
How Do You Change Covenants and Restrictions?
Bylaws, covenants, and restrictions are not meant to stay relevant forever – whether it be demand from homeowners, expiration, or societal changes, your board will need to be prepared to change or update its covenants and restrictions at some point. To function well, every HOA board must be familiar with the process of changing covenants... read more
How Do I Change My CC&Rs in Florida?
CC&Rs aren’t meant to stay relevant forever – as society evolves, so do HOA laws. If and when your board decides to change or amend an existing bylaw, you will need to ensure it’s done properly and is legally compliant. Because declarations and bylaws are considered legal documents, you will need an attorney to review... read more
What Referral Sources Do You Most Need for Your Clients as a Realtor
Realtors are in the business of relationships. Not only must you maintain strong relationships with your clients, but you must also continually be growing your professional network of partnerships. When your clients come to you, they will have many questions about the home buying and selling process. You’ll be in the best position to serve... read more