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UNUSED DEVELOPMENT RIGHTS CAN GENERATE WELCOME REVENUE OR COSTLY HEADACHES FOR COMMUNITY ASSOCIATION
Most condominium boards are struggling, to some extent, with delinquent common area fees, budget shortfalls, rising foreclosures and other collateral damage from the economic downturn. Many condominiums will also confront, if they haven't already, another problem, painfully familiar to anyone who recalls the last crushing real estate downturn in the 1980s-arrested developments.
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HOW TO ANSWER LENDER AFFIDAVITS AND QUESTIONNAIRES
Several years ago a property manager and board of trustees were sued by a unit owner claiming that the information provided on the so-called Fannie Mae Affidavit/Lender Questionnaire was incorrect. This case has been making its way through the legal system since that time. The Appeals Court just ruled that in fact the Association and manager were responsible for the information on the questionnaire. The Court ruled that the information regarding a special assessment was incorrect and the manager and association were liable for negligent misrepresentation. The unit owner claimed that he bought the unit relying on the statement that there were no special assessments pending.
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NEW DATA & IDENTITY THEFT REGULATIONS: CONDOMINIUM MANAGERS MUST COMPLY
Identity theft can happen to anyone. The phone rings and a collection agency demands that you pay past-due accounts for goods you never ordered. The supermarket refuses your checks because you have a history of bouncing them. But you have always paid bills on time. What has happened? Identity Theft.
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EVICTIONS 101 Say the word "eviction", and most landlords cringe in a manner usually reserved for when you hear nails on a chalkboard. Eviction actions, technically known as Summary Process, can be a dangerous labyrinth in which a landlord can be lost for what seems an eternity. However, as the name suggests, Summary Process is intended, and with the right approach can be, a summary process. This article is intended to identify some of the pitfalls which often arise in removing a tenant, and some suggestions on how to avoid these perils.
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