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Caring for the Financial Well-being of the Association (FL)

To ensure the financial well-being of the association, boards and managers should focus on at least four factors in the association: budget, reserves, insurance, and collection practices. This article will take a brief look at each of these, but this is not a finite list. It is recommended that you consult with your association attorney and accounting professionals to ensure you are doing all that you can to address these and any other financial facets of the association in the best way possible for your community.   Read the entire article………………………………....

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What Associations Need to Know About Homestead (FL)

Article X, Section 4 of Florida’s Constitution protects homestead property from many kinds of forced sales. However, since foreclosures of homestead properties for unpaid association assessment debts and for unpaid mortgage debts occur routinely, it is easy to see how many homeowners’ associations and condominium associations are lulled into thinking that constitutional homestead property protections do not apply to association matters.   Read the entire article………………………………. #floridacondotelmortgage #floridacondotelfinancing...

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The Subtle and Not-So-Subtle Differences Between Homeowners and Condominium Associations (FL)

Florida has created an abundance of legislation governing homeowners’ and condominium associations. You would think that, by now, laws affecting both types of communities would have more parity than they actually do. (Please note that that commercial condominiums are not addressed in this article.)   Read the entire article………………………………. #floridacondotelmortgage #floridacondotelfinancing #floridacondotel

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Report: Evidence of extensive corrosion in Miami-area collapsed condo

Video released by a team of federal investigators shows more evidence of extensive corrosion and overcrowded concrete reinforcement in a Miami-area condominium that collapsed in June, killing 98 people.  The National Institute of Standards and Technology also announced Wednesday it will conduct a five-pronged investigation into the Champlain Towers South collapse, which will be led by Judith Mitrani-Reiser. She is a Cuban-born engineer who grew up in Miami.     Read the entire article………………………………. #floridacondotelmortgage...

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Legislative Update for Condominium Associations and HOAs (FL)

This past summer, the Florida Senate implemented several Senate Bills that were signed by Governor Ron DeSantis, which added new requirements for condominium, homeowners, and cooperative associations. While the below article is not comprehensive of all new legislation impacting housing associations, the following discusses Senate Bill 56 (new rules regarding foreclosures, liens, collection of assessments, invoices, and official records requests) and Senate Bill 72 (civil immunity for personal injury and wrongful death claims relating to COVID-19).    Read the entire article………………………………....

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Community Associations Affected by the 2021 Legislative Session Part II (FL)

This week continues our annual review of the legislative changes which affect community associations, and continue with the main bill, Senate Bill 630, which took effect July 1, 2021. For the first edition, see Community Associations Affected by the 2021 Legislative Session, published on August 1, 2021.    Read the entire article………………………………. #floridacondotelmortgage #floridacondotelfinancing #floridacondotel

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Florida Senate Bill 56: Changes to Florida’s Condominium Association and Homeowners’ Association Collections Procedures

On July 1, 2021, Senate Bill 56 went into effect along with Senate Bill 630. While both bills affect the laws governing Florida condominium and homeowners’ associations, Senate Bill 56, specifically, changed the collection and notification procedures for these associations. This article provides an overview of how Senate Bill 56 affected the manner in which Florida condominium and homeowners’ associations collect overdue assessments, record claims of lien, and provide notice to unit owners.   Read the entire article………………………………....

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Community Association Tenant Vetting, Approvals Require Careful Guidance by Qualified Pros (FL)

Florida community associations typically have the right under their governing documents to regulate and approve leases and tenants. However, some association boards of directors are under the misconception that they can easily develop and implement new leasing restrictions via a board vote, and that they have the authority to approve or reject prospective tenants as they please without facing any scrutiny of their decisions.   Read the entire article………………………………. #floridacondotelmortgage #floridacondotelfinancing #flori...

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A House of Cards: The Miami Condo Collapse Exposes a Dehumanized Mindset in the Built Environment

On June 24th, 2021, the Champlain Towers South condo building in Surfside, Miami collapsed, killing 98 people. While the causes of the collapse are still under investigation, the building’s history of structural deficiencies is likely to have played a part. The Champlain Towers collapse is only the latest in a series of fatal building catastrophes which could have been prevented with proper oversight.  Read the entire article………………………………. #floridacondotelmortgage #floridacondotelfinancing #floridacondotel

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Rates posted assumes 25% down payment, and an ARM and fixed rate first mortgage options on a Florida condotel, secondary residence. Additional required amounts such as taxes, insurance, home owner association dues, assessments, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice. **Posted APR is based on Mortgage Assumptions
 
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