One of the most significant challenges facing board members taking over a newly built condominium, townhomes, or single-family homes is that the community association is often turned over from the developer with minimal funds. Developers often set unrealistically low initial assessments to make homes or condominium units more appealing to buyers, creating the false impression that assessments will remain low.…
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If you are a board member of a lake community association in Illinois, you have likely faced the challenge of balancing owner enjoyment with protecting the shared use of the lake. But what happens when your declaration and bylaws do not contain express rule-making authority that grants the community association board the power to create rules for the common areas? …
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On December 3, 2024, a federal court in Texas issued a nationwide preliminary injunction in Texas Top Cop Shop, Inc v Garland, No. 4:24-CV-478, 2024 WL 4953814, at *37 (ED Tex, December 3, 2024), temporarily halting the enforcement of the Corporate Transparency Act. Unfortunately for community associations, the Fifth Circuit delivered a lump of coal just two days before the…
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Developer turnover is a pivotal phase for any Illinois Common Interest Community Association. 765 ILCS 160/1-50 of the Illinois Common Interest Community Association Act (“CICAA”) governs the requirements for transitioning a common interest community association from developer control to homeowner control. Ensuring a smooth transition requires preparation and an understanding of the legal requirements under the Common Interest Community Association…
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On December 3, 2024, a federal court in Texas issued a nationwide preliminary injunction in Texas Top Cop Shop, Inc v Garland, No. 4:24-CV-478, 2024 WL 4953814, at *37 (ED Tex, December 3, 2024), temporarily halting the enforcement of the Corporate Transparency Act. Specifically, the Court held as follows: Plaintiffs have satisfied all prerequisites for a preliminary injunction. The Court…
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The Corporate Transparency Act (“CTA”) has been a significant concern for community associations in 2024. The CTA requires corporate entities, including many condominium and homeowners associations, to report personal information for individuals exercising substantial control of these entities by the end of 2025. Individuals that qualify as beneficial owners under the Corporate Transparency Act would need to report names, dates…
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