Guidelines for Preparing Your Association Budget Preparing an annual budget is essential for the financial stability of community associations. However, not all associations know how to effectively create an association budget. To help you with this task, here are some guidelines that will make preparing your budget
What your Condo Association Needs to Know About the New Fannie Mae and Freddie Mac Lending Guidelines The Surfside condominium collapse led to significant reform in the condominium lending industry. In Lender Letter LL-2021-14, Fannie Mae and Freddie Mac implemented temporary lending guidelines in
What an Illinois Condo Needs to Know About Easements for Cable and Internet in Accordance with Sections 14.3 and 18.4(o) of the Illinois Condominium Property Act Having quality access to cable television and internet has become nearly an absolute right to many homeowners, and the need
Do We Have to Make All Board Meetings Open to the Members of the Association? Three of the most frequently asked questions by boards of condominiums and common interest communities are: (1) do all the unit owners get invited to every board meeting; (2) what constitutes
Legal Requirements for Adding Property to an Illinois Condominium In Illinois, a developer can reserve the right to add property to a condominium at the time of the recording of the original declaration. This is an important right in that it allows a developer to make
What Happens When a Failure to Maintain an Illinois Condo Leads to Distressed Condominium Property Status Under the Illinois Condominium Property Act? Unfortunately, there are times in which issues within a condominium can lead to a determination that the condominium is “distressed.” The Condominium Property Act
