Lenders are more cautious to approve a loan prior to a buyer's purchase of a condo unit or the purchase of a home in a homeowners' association (HOA) because ownership and decision making are shared between property owners, which equates to more risk for the lender. To aid in their decision-making process, lenders may utilize a “lender questionnaire” that a property management company or community association must complete and sign. The questionnaire is used to gather additional information about the community association. Examples of items covered on a questionnaire include: what fees or special assessments are charged to unit owners, building insurance utilized, ongoing projects, etc.
The Ohio Legislature passed new legislation amending ORC 5311, the Ohio Condominium Act, and ORC 5312, the Planned Community Act. Many of the changes were non-substantive, but there are a few significant changes, some following the decisions of courts around Ohio and others clarifying the previous law.
Sharing Email Accounts: No Big Deal -or- Disaster?
Effective Monday, March 23, 2020, at 11:59pm, the Director of the Ohio Dept. of Health issued a "Stay at Home Order". This Order currently lasts until April 6, 2020, at 11:59pm. The Director's order includes the entire state. Unless you work for an essential business or are doing an essential activity, you should stay home. "The intent of this Order is to ensure that the maximum number of people self-isolate in their places of residence to the maximum extent feasible..."
DOES YOUR ASSOCIATION HAVE A COLLECTION POLICY?
Why It's Important to Have One and Keep it Updated.
Since medical marijuana has become legal, what can we do to prohibit owners from smoking marijuana within their units?
There have been disagreements and controversy among Board Members when making decisions for the Association. The Board Members do not seem to be on the same page and think they can handle the matters on their own. How should a Board act when facing these problems?
We have a delinquent owner who is trying to buy up more properties in the association instead of paying back the delinquent maintenance fees already owed. Can we stop the owner from purchasing any other units?
Full, printable version of our July-August 2017 Newsletter!
As volunteers to your community associations, you know that while board meetings are essential for conducting association business, they can be tedious if poorly run. Many of our board members complain about attending board meetings and ask us how they can be run more effectively. Here are a few tips we have compiled over the years...