Consensus Building for Community Associations
Success Depends Upon Cooperation Community association board members and managers are responsible for carrying out business that protects literally millions of dollars worth of real estate. Daily problems arise that range in magnitude and importance, but all require sound business judgment to resolve....
Open Forums – How to Make Them Productive
If done the right way, a homeowner forum can achieve many goals. It can capture community-wide interests and concerns. It can give the owners a voice. It’s great for generating opinions, feedback and new ideas. It will increase the Board’s awareness of...
Why Do I Have To Pay For A Resale Package?
Why Do I Have To Pay For A Resale Package?
We have many homeowners who think that because they pay assessments every month they should not have to pay for a resale package. They are of the opinion that it is a bunch of pages all put together that just sits and waits for us to “push the button” when they place their order.
I would like to clarify why it is essential that management companies prepare these documents individually for each owner. First, it is a legal document required by law in many states as it protects the buyer from purchasing into a community association without first obtaining “full disclosure”. It contains a disclosure statement that includes the legal or pending legal status of litigation involving the association. It contains up-to-the-minute information about the assessments owed, outstanding special assessments and even pending assessments as required in many states. It provides the association’s financial status and any outstanding loans owed by the association. It also provides any covenants restrictions or violations on the unit. All of these questions are answered and are entered in real time by a staff member when the order is placed. The document is not static; it requires keen oversight as the questions are researched and completed.