Many a Condominium Association Board finds itself in the position of having to pay for necessary maintenance, repair, or replacement of common elements (e.g., balconies, windows, roofs), but without sufficient monies on hand or income in the annual budget to pay for the work. A decision often has to be made, then, whether to borrow … Read More ›

I recently served as a panelist at the Community Association Institute’s annual trade show. The topic was reasonable reserves for Associations. When looking at the long-term existence of an Association, reserve accounts are a critical topic for consideration.

If you reside in a Condominium Association, Section 9(c)(2) of the Illinois Condominium Property Act (“Act”) requires that … Read More ›

In these recent times of financial insecurity, Community Associations need to be vigilant and pro-active in the monitoring and collection of their assessments from homeowners.  In the past year, the number of homeowners who have gone into collection for non-payment of assessments has significantly increased, while foreclosures and bankruptcies are at record levels.  Unfortunately, these … Read More ›

Your delinquent owner failed to pay assessments, so KSN secured an Order for Possession and Judgment for the past due assessments. Step one completed. You secured a renter to recoup lost assessment revenue. Step two completed. Everything moves along nicely with the solution you have implemented. Then, the renter stops paying his rent. What are … Read More ›