It’s Budget Season! Revisiting a Board’s Fiduciary Duties to the Association
If the nights are getting chillier, the leaves are beginning to change color, and kids have gone back to school, what season is it? Fall? Nope. It’s budget season! Since most associations’ fiscal year coincides with the calendar year, many associations are in the throes of planning and budgeting for the upcoming year. As the […]
When Did I Sign Up for this Association?
Every so often, I have a conversation with a homeowner that starts out something like this: Owner: I got this letter that says I’ve been fined. Attorney: That’s correct. You violated the leasing restrictions in the Declaration. Owner: Oh yeah? Well, I never signed up to be in this association. You show me what I signed […]
Forty Tips For Continued Business Success
As we reflect on the successes of 2018 and anticipate those of 2019, it’s worthwhile to consider how successful businesses are built and how they thrive. Successful businesses and successful business professionals highlight the importance of leadership, entrepreneurial vision, and creativity. “Success”— however defined—is the goal of every professional and every company. Achieving success is […]
Newly Elected to Your HOA Board? First Step: Understand Your Governing Documents
Your homeowner’s association annual meeting has been held and election of the new Board of Directors is complete. You’ve been elected to the Board. Congratulations! So, how can you be an effective Board member? One of the most significant ways to be an effective Board member is also one of the most basic: read and understand your […]
Your Questions Answered: Dispelling Myths & Misconceptions About Association Board of Directors
Recently, I have fielded questions about association operations, including several about what members of a Board of Directors are entitled to—and what they are not entitled to. It became apparent that, on a broader scope, there may be some myths and misconceptions to dispel about voting and use of proxies, as well as the “perks” of serving […]
Super Bowl LII: An Update on Short-Term Rentals
Super Bowl LII hosted in Minnesota will impact just about every area of our economy, including real estate. In a prior article, I discussed issues surrounding short-term rental of homes to accommodate the influx of members of the media, spectators, team members and staff to the Twin Cities. As kickoff approaches, I wanted to provide both […]
Protect Your Association From Embezzlement Losses & How to Deal With the Aftermath
While 2017 has brought great fortune and growth in the real estate market, the year has unfortunately also seen several management companies’ theft/embezzlement from their association clients. To be clear, these incidents were isolated. By far, most management companies take the manager’s fiduciary role very seriously, and have multiple checks and balances in place to […]
Being “Neighborly” Isn’t Just a Good Idea – It’s the Law
Those of us of a “certain age” know exactly what a speaker means when she says, “She’s the ‘Mrs. Kravitz’ of the neighborhood.” For those too young to appreciate the reference, “Mrs. Kravitz” was a character in the sitcom “Bewitched” who was the nosey neighborhood biddy who monitored events through her kitchen window—and then made […]
What Is A Resale Disclosure Certificate: A Brief Overview
There are many moving parts involved in the sale of a condominium, townhome or cooperative share. Is the unit staged to get the best possible price? Is the home priced right? What do sellers need to tell buyers about the homeowner’s association? Some sellers are confused about what they need to tell buyers about their […]
Knowing The Difference Between When A Home Can Be Legally Occupied & When It Was Completed
In Minnesota, a homeowner can make a claim for defective construction in new homes (and remodeling projects). The defect or error, however, must be discovered within 10 years of completion of the work. This 10-year deadline is referred to as “the statute of repose.” This 10-year period begins to run on the date “when construction […]