Financial Issues, Budgets & Reserves

Assessments (or dues) provide the lifeblood for condominium associations so that they can provide necessary services to the unit owners within the association, including the maintenance of common areas such as roads, sidewalks, parking areas, utilities, and elevators. In most condominium associations, the only source of revenue to pay for common elements are these assessments, so when certain unit owners…

The Surfside condominium collapse was devastating for the condominium community and served as a wakeup call for many condominium associations.  Since the Surfside condominium collapse, co-owners in Florida and Wisconsin have been forced to evacuate condominiums as a result of unsafe structural conditions.  As previously indicated in “The Surfside Condo Collapse: A Condo Association Tragedy”, the Surfside condominium collapse was…

A home loan through the Loan Guaranty program of the Department of Veterans Affairs (“VA”) presents a real opportunity for U.S. veterans to purchase a home when they may otherwise not be able to do so.  Benefits to a VA loan include lower interest rates, more flexible underwriting requirements, no down payment, and increased purchasing power.  One potentially under-utilized way…