Special assessments are becoming more and more common in community associations. As the frequency of special assessments increases, so does the possibility of delinquencies in payment of the special assessments. A crucial element of collection of a delinquent special assessment is proving that the special assessment was properly adopted at […]
When a condominium association is seeking to obtain a loan, too often the board is signing the Bank’s commitment letter before having that document reviewed by legal counsel. While some banks will permit the association to amend the commitment letter after the fact, through revisions to the loan documents, others […]
Community associations have become very familiar with the statutory requirement that a 30 day Notice of Late Assessment must be sent to an owner prior to turning the account over to an attorney for collections. However, confusion over the need to send a Notice of Late Assessment often arises when […]
As budget season is in full swing, and annual meetings / elections are just around the corner, I thought it a good time to review some basic meeting information that is very frequently not done properly. Let’s start with budget meetings. As you should be aware by now, there have […]
Q: We recently received an e-mail from our management company regarding the filing requirements of the Corporate Transparency Act. This is the first I’ve ever heard of it. Can you explain what this is? (M.M., via e-mail) A: On January 1, 2021, Congress passed the Corporate Transparency Act (“CTA”). The […]
