August 2023

Financial Issues, Budgets & Reserves• August 1, 2023

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 2021 for condominium purchasers that desired to secure a mortgage as was previously discussed in Prepare your Condo for the new Fannie Mae and Freddie Mac Lending Requirements.  At the request of FHFA,…
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Deed Restrictions• August 1, 2023

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 for this service (especially the internet) was heightened during the COVID-19 pandemic when many more people started to work from home.  Along those lines, a condominium association may be approached to provide an easement in favor of a cable television…
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