Common Elements

Deferred maintenance at forefront with revisions to lender questionnaires: how the secondary mortgage market is responding to surfside tragedy

Deferred maintenance at forefront with revisions to lender questionnaires: how the secondary mortgage market is responding to surfside tragedy

On October 13, 2021, the Federal National Mortgage Association issued Lender Letter to take effect January 1, 2022. This Lender Letter temporarily revises the eligibility requirements for lenders issuing loans that may be purchased by Fannie Mae for properties located in condominiums containing five or more attached units.

Plan, Don’t React: 5 Things Every Board Member Must Consider for Long-Term Planning

Plan, Don’t React: 5 Things Every Board Member Must Consider for Long-Term Planning

Long-term planning is one of the primary duties an individual undertakes when seated on the board of directors for a community association. There is a constant balance that must be found between a desire to keep assessment levels steady (and low) and ensuring that the items which the association is responsible for repairing, replacing and maintaining are properly handled in the short and long-term.

What Every Board Member Should Consider to Reduce Assessments

What Every Board Member Should Consider to Reduce Assessments

A condominium association’s board of directors has a seemingly endless list of responsibilities, but one of the most important – at least in terms of its impact on the membership – is the adoption of an annual budget. In simple terms, adopting a budget requires the...

Rules Your Community Association Should Consider Adopting

Rules Your Community Association Should Consider Adopting

Does our Board have rulemaking authority? In Michigan, a condominium association Board has the implicit authority to enact reasonable rules and regulations regarding the condominium. Generally speaking, this authority is quite broad and unless otherwise specified in...

Get Smart – What Associations Should Consider in Light of the Rising Popularity of Smart Doorbells

Get Smart – What Associations Should Consider in Light of the Rising Popularity of Smart Doorbells

Whether its excitement over new technology or a desire to discourage criminal activity, the demand for smart doorbells continues to grow. With these devices, someone is virtually always home and can easily respond to the delivery person, scare off a porch pirate or...