Welcome to the new Association Life website! We’ve taken everything that you loved from our previous site and given it a fresh, new interface and made it easier than ever for you to participate. Now, more than ever: For Community Associations, it’s all here!
- 5 Risks of Self-Managed Community Associations - Self-managed community associations typically avoid professional management companies because of the cost. However, these associations have to ask themselves, “is the liability worth the risk?” As financial and legal responsibilities increase, so too do the risks associated with self-managed community associations. The Risky Business of Being a Self-Managed Community Association The majority of self-managed community associations are run by volunteer board members who typically work full-time jobs, don’t have the time to properly run a community effectively, and lack the industry experience needed to mitigate common risks. With this in mind, the five most common risks associated with self-managed community associations include: Meeting Minutes Compliance: Meeting minutes must be recorded,… Read More
- Just the Facts: What You Need To Know About Your Delinquencies [Checklist] - The first step to a good collections process is establishing a fact pattern. This checklist covers all the questions you should have answers to before you begin.
- Association Foreclosures Are Obsolete - Its time to reconsider your options when units become delinquent in your condo or HOA
- Use Riders to Collect Delinquent HOA Fees - If you have purchased a condominium or property in an HOA you have signed a rider. For condos its called a Condo Rider. For HOAs its Called a PUD Rider. This rider is an attachment to the document recorded in the land records to secure the note given by the lender (aka mortgage). These riders are a path to collect delinquent HOA and Condo Fees. Banks Have a Stake in Assessments Being Paid One of the most important items contained in the Rider deals with maintenance fees. It is very important to the lenders that these fees are current. The mortgage company has an interest in the property. The mortgage company wants… Read More
- Should I buy a condo with a 15% delinquency rate? - Review the financial condition of your next purchase in a community association before you buy
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