Condominium Regulations Tag

20 Dec Condominium Associations Are Not Powerless Against Rule-Breaking Tenants

Posted at 19:03h in Condominium Governance

A consequence of the struggling real estate market is the increased number of condominium units occupied by tenants rather than unit owners. Not surprisingly, many tenants do not have the same commitment--financial or emotional--to the condominium community as owners. As a result, condominium associations have...

02 Nov Condominium Governance: Guiding Unit Owners through Financial Struggles

Posted at 15:07h in Condominium Governance

The overall health and stability of a condominium community is often viewed as a function of the whole rather than the sum of its parts. As such, those choosing to make their home in a condominium community understand the manner and extent to which their...

18 Oct Maximizing Coverage for Multi-Building Condominium Associations in the Event of Insurer Insolvency

Posted at 13:57h in Condominium Governance

If an admitted insurance company becomes insolvent, the Florida Insurance Guaranty Association (FIGA) generally becomes obligated to pay up to $300,000 for each covered claim. However, for multi-building condominiums, the manner in which the association’s property insurance is structured could affect the amount FIGA will...

13 Sep Collecting Unpaid Assessments: Options for Proactively Pursuing Delinquent Unit Owners

Posted at 13:31h in Commercial Insurance, Condominium Governance, Risk Management

Today, condominium residents are feeling the pain of their neighbors' financial struggles, particularly in the form of budgetary shortfalls created by unit owners defaulting on their obligation to pay assessments. Assessments, which represent each unit owner’s share of the funds required to pay the association’s...

14 Jul The More Things Change, the More they Stay the Same: Condominium Associations Must Still Review their Insurance Policies

Posted at 14:37h in Condominium Governance

Condominium associations can be sizeable organizations responsible for overseeing and managing hundreds of residents, possibly thousands. This responsibility often involves hundreds of thousands, or possibly millions of dollars worth of property and revenue. A for-profit organization dealing with similar figures will commit significant resources to...

26 Sep The Need for Directors & Officers Insurance for the Condominium Association Board

Posted at 16:57h in Condominium Governance

What is the difference between directors and officers of a small condominium association and those of a million dollar company? Oftentimes, the differences are found in levels of experience and expertise, and in the large salaries and stock options. In the eyes of the law,...

06 Apr Condominium Boards Going Red Over Unit Owners Going Green

Posted at 18:54h in Condominium Governance

Did you know that the earth receives more energy from the sun in one hour than the world uses in an entire year? In the past, such a fact was considered trivial. Today, however, it is fueling (pardon the pun) the Going Green movement that...

01 Dec Regulating Religious Displays: A Trap for the Unwary

Posted at 16:21h in Condominium Governance

The holiday season brings with it a flurry of activity. From wish lists and shopping lists to recipes and reservations, this time of year often has the effect of raising spirits more than any other. And, while people express their holiday spirit in different ways,...

16 Oct Is It a “Grand Old Flag” or a Community Eyesore?

Posted at 15:33h in Condominium Governance

Those choosing to live in a condominium community voluntarily concede a measure of their autonomy as homeowners to their condominium association, whose governing board has the power to enact and enforce restrictions on the manner in which unit owners occupy and use their property. In...

15 Sep Enforcing Condo Use Restrictions: A Potential Legal Minefield for Board Members

Posted at 14:59h in Condominium Governance

Condominium communities offer unique benefits to their residents that may not be otherwise available to those opting for "traditional" homeownership. However, in exchange for these benefits, unit owners must give up a certain degree of freedom of choice that they might otherwise enjoy in separate,...