Category: Financial
Ten Percent Into Reserves Is NOT The Law For Condominiums
The 2004 amendments to the Ohio Condominium Act placed often confusing and misleading language into the reserve requirement stating “…provided that the amount set aside …
Signature Cards Must Be Up To Date
Signature cards are used by banks to verify that the party using an account actually has authority to use the account. These accounts include, but …
Safeguarding Association Reserve Funds over $250,000.00
Since the passage of the Ohio Condominium Act in 2004 and the Ohio Planned Community Act in 2010, Ohio’s community associations have been building reserve …
When the Board Decides to Raise the Monthly Assessments – Telling the Owners
At the end of every calendar year, board members for community associations gather around conference tables, dining room tables, or tables in local libraries to …
An Audit of the Association’s Financial Records is Always Wise
When it comes to year-end financial obligations of associations, most boards are aware of general requirements, such as providing financial statements to the owners, finalizing …
Short Sales and Community Associations
A short sale is a common alternative to foreclosure when a delinquent owner owes lien holders on the property more money than the property is …
FHA Has Issued New Owner Occupancy Requirements for Condominiums
As explained in a recent Kaman Report, in July 2016, President Obama signed into law H.R. 3700, the “Housing Opportunity through Modernization Act of 2016.” …
Budget Approval Motion NOT Needed at Owners’ Meeting
As community associations hold their annual meetings, boards should be reminded that for most associations, owners do NOT need to approve the treasurer’s report or …
New Law Makes Changes to FHA Condominium Approval Process
Unless a condominium association is certified by FHA, lenders may not offer borrowers FHA-insured mortgages. In 2009, FHA implemented a number of changes to the …
Can a Delinquent Owner Rent the Unit while in Foreclosure?
A question Kaman & Cusimano is often asked is whether there is anything an association can do if a unit is being rented while it …
