Many states have distinct disclosure laws that obligate sellers to inform prospective purchasers about the home or unit they are buying within a condominium, homeowner’s association or townhome association.
These disclosures can include a variety of information and paperwork that outline the association’s leasing restrictions, rules, regulations, and other owner obligations. For example:
In Illinois, Section 22.1(a) … Read More ›
Most states have specific disclosure laws that obligate sellers to inform prospective purchasers about the condominium, homeowner association, or townhome association.
These disclosures can include a variety of information and paperwork that outline the association’s leasing restrictions, rules, upcoming capital expenditures, and other association matters.
In Illinois, Section 22.1(a) of the Illinois Condominium Property Act describes the … Read More ›
Underfunded community associations can be at risk of falling behind on much-needed repair, restoration, or replacement.
Some board members may feel that:
Unchanging and/or reduced assessments will reduce owner complaints.
Increasing assessments will scare away potential buyers and hurt resale value
It’s acceptable to constantly utilize reserve funds to maintain or reduce assessment fees.
Major maintenance concerns can be addressed … Read More ›
The popularity of Airbnb, Homeaway, and VRBO have made short-term rentals a topic of discussion among condominium, homeowner (HOA), and townhome community associations. By conveniently bringing owners and prospective guests together through websites and apps, these online services can convert a condo or home into a revenue-making rental property with very little effort.
However, short-term rentals … Read More ›