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Each condominium, cooperative or planned community is exposed to liabilities that have the potential to cripple the association. Therefore, commercial insurance is one of the most important components of a community association’s risk-management program.
One reason associations exist is to protect assets, which can be tangible (like equipment) or intangible (like...
Most community associations have a set of guidelines that spell out its architectural design standards and review processes. These guidelines should reflect a balance between individual rights and the good of the entire association. They generally explain:
The Federal Housing Administration recently announced plans to begin disqualifying condominium associations from FHA financing if an association charges a deed-based transfer fee at the time of sale. This puts FHA at odds with the Federal Housing Finance Agency, which earlier this year determined that such fees benefit community associations...
Condominiums are feeling the pinch of the Federal Housing Administration’s new certification requirements as many find themselves ineligible for FHA approval. That’s left owners and buyers without the option of cheaper FHA mortgages.