Weathering The Storm: Coronavirus And Its Financial Impact on Homeowners

One way or another, future historians will consider the Coronavirus Pandemic among the most noteworthy events of the early 21st Century. The full economic impact on homeowners and their families cannot yet be precisely predicted, but it is likely to be immense. Taking the necessary precautions to avoid exposure to the virus and preparing for the financial ramifications will require prudence, careful planning, and maybe even a little creative thinking. Homeowners can't completely avoid the fallout from Coronavirus, but there are a few measures that could hopefully soften the blow.

AssessmentsChristopher R. Moore, Esq.March 30, 2020HOA, Coronavirus

Reserve Funds For Homeowners' Associations

What happens when an essential common element is unforeseeably damaged—resulting in significant repair or replacement costs—and there’s no money in the budget or insurance to cover the loss? Rather than get caught scrambling for cash when an unexpected contingency or major maintenance need arises, many communities maintain “reserve funds,” a sort of back-up savings slated for emergencies, long-term upkeep costs, and irregular expenditures. Although reserve accounts are often not mandatory, an ample reserve can play a big role in protecting a community’s long-term financial health.

AssessmentsChristopher R. Moore, Esq.February 4, 2020Reserve Funds, Coronavirus

Understanding The Ins and Outs of HOA Fees

Homeowners’ associations typically are formed to manage any property in the community that is owned communally, as opposed to individually, such as a playground or building hallways. Whether an HOA is made up of a condominium building, townhouses, or single-family homes, the responsibilities generally include the same type of tasks – maintain landscaping, employ property managers, maintain shared private roads or driveways, arrange trash removal, operate a swimming pool, and the like. This article will help you better understand the ins and outs of HOA fees.

AssessmentsTamra Ferguson, Esq.August 31, 2018HOA Fees, FDCPA, HOA Collections, HOA Lien

HOA Fees: Nourishing A ‘Little Democratic Sub-Society’

A district judge in Florida described community associations as “a little democratic sub-society of necessity.” And, as with federal, state, and local governments, for the “little sub-society” to function, it needs revenue. Association revenue comes in the form of HOA fees paid by homeowners – the functional equivalent of property taxes paid to a local government. An association’s authority to collect HOA fees (or “assessments”) arises from two places: state law and the HOA’s declaration.

AssessmentsChristopher R. Moore, Esq.August 12, 2018Foreclosure, HOA Lien, HOA Law

3 Types of HOA Maintenance Fees Owners Cannot Escape

The association, under its documents and local laws, has the authority to charge annual, special, and capital assessments against all owners in the community to pay for the maintenance expenses and improvements to the common areas. The common areas consist of parks, pools, gyms, sidewalks, and any other area in the community, except those portions which lie within the boundaries of the owner's property.

Understanding The Homeowners Association (HOA) Fee Obligation

The local statutes and recorded Declaration of Covenants, Conditions, and Restrictions (the "CC&Rs" or "Declaration") serve to establish the association's authority to charge maintenance fees and enforce non-compliance against all owners and properties subject to its authority. The HOA fees cover the costs of the maintenance and repair of the common areas, amenities, and operation of the association to preserve property values.

AssessmentsTammy Y. HayesSeptember 22, 2017No Offsets, Duty to Pay Assessments, Past Due Assessments, HOA Fees

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