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MARCUS, ERRICO, EMMER & BROOKS, P.C.
Representing Over 3,000 Condominium Associations...One Association at a Time
Massachusetts - New Hampshire - Rhode Island |
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Condominium-Apartment Insider |
October 2009
Issue 5 | |
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A STORM ON THE HORIZON: PROPOSED STORMWATER REGS AND ITS AFFECT ON CONDOMINIUMS
The Massachusetts Department of Environment Protection ("DEP") has proposed new stormwater management regulations that could have a drastic impact on condominiums. The idea behind this new program is to reduce stormwater runoff from impervious surfaces, such as parking lots and roofs, which eventually pollute rivers and streams. The new regulations would require that private property owners take certain steps to mitigate and control pollutants from stormwater runoff.
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COLLECTING COMMON EXPENSES
PRIORITY LIEN IN REVIEW
Since the passage of Chapter 400 of 1992, the Massachusetts Condominium Act, M.G.L. 183A Section 6(c), was amended to provide Condominium Associations with a priority lien, otherwise known as the superlien. For the past fifteen years, this law has enabled Massachusetts Condominium Associations to greatly reduce and, in many cases, altogether avoid any of financial devastation that previously resulted when a Unit was foreclosed upon by a Lender or the Owner had filed bankruptcy. There is no question that the change in the law has saved many associations and the remaining Owners who were left behind.
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MORE LENDERS ARE ACCEPTING LOSSES ON SHORT SALES - CONDOMINIUM ASSOCIATIONS SHOULDN'T
As the housing market malaise lingers, more struggling homeowners are turning to short sales as an alternative to foreclosure. In a short sale, the lender allows the owner to sell the home for less than the outstanding mortgage, writing off the difference as a loss. Because the loss on a short sale loss can be 30 percent less than the loss on a foreclosure, banks are becoming more receptive to this option. The National Association of Realtors estimates that 11 percent of the home sales in June were short sales; media reports indicate that number is increasing.
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"WHEN SMOKE GETS IN YOUR EYES"
UNDERSTANDING THE STATE'S NEW SMOKE DETECTOR REGULATIONS
The steam from the shower hits the detector and, before you know it, all the alarms in the house are sounding. Effective January 1, 2010, chances are that these false alarms will be a thing of the past.
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Marcus, Errico, Emmer & Brooks, P.C.
45 Braintree Hill Office Park, Suite 107
Braintree, Massachusetts 02184
781·843·5000 / www.meeb.com | |
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This newsletter may be considered advertising under the applicable rules of Court or Professional Responsibility in Massachusetts, Rhode Island or New Hampshire. | |
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