Just as great baseball players are first groomed in a farm team, community board volunteers are developed and groomed in committees.  Therefore, a board that is concerned about finding quality board volunteers should take the long view and develop a plan that establishes committees that are relevant to the operations of the community.  Often times, [...]

This show features Tom Simon of WestGate Properties and Ron Blessey of Homebuyers Mortgage discussing condo and home refinancing issues.  Ron also discusses interest rates and rule changes from Freddie Mac and Fannie Mae.  Tom Simon discusses issues facing condominium and homeowner associations in 2012 and the different challenges of condominium and commercial property management.  Listen to host Rey Post weave this [...]

Although condo associations and homeowner associations are registered as non-profit corporations at the New Mexico Public Regulation Commission (PRC) these entities still need to file a federal tax return.  Most residential homeowner associations and condominiums will file using the Form 1120-H. The 1120 is for corporations and the “H” means that it’s a condominium or homeowners [...]

This is the time of year that many community associations hold their annual and budget meetings.  Annual Meetings give owners the opportunity to vote for board members and typically to ratify (but often times not approve) the annual budget.  There are notice provisions for the annual meeting that must be strictly observed.  Among these, notice must [...]

Just as the level of experience and education make a real difference in the ability of a real estate licensee to serve their client, and the commitment that Realtors make to high ethical standards adds tangible value to the service they provide, so too does the credentialed professional association manager add tangible value to the [...]

Consider the following situation: A committee in a condominium association made a recommendation to the board to raise dues 5%.

A committee member felt strongly that the dues should have been raised more and circulated a letter to all unit owners titled “Reality Check” that recommended a 10% increase and that anyone who can’t afford this should consider selling their unit and moving elsewhere. He felt strongly about his position, argued it forcefully in the committee but when he lost the debate he brought his argument “to the people” hoping to shape the final board decision.

FHA was formed in 1934 to create a national financing system by insuring mortgages for a fee paid by the lender.  The insurance is only available if the loan meets certain requirements.  At least 30% of mortgages are insured by FHA so their guidelines are important and are shaping the way condominiums conduct business. Recent [...]

Noise is a concern for every resident and because you live in a community, it’s important to understand that some degree of noise is to be expected. At the same time, residents need to consider the consequences of their noisy behavior. To keep everyone happy and maintain civility among neighbors, the association asks that you [...]

The director also owes a duty of undivided loyalty and honesty, which is why a prudent one avoids conflicts of interest as much as possible.

When associations have capital needs, there are three options for obtaining funds: Use existing reserves. Approve a Special Assessment. Borrow the funds from a bank. Option 3 is the subject of this article. First, determine if the association can borrow money by reading the Bylaws and Declaration, which will often cap what the board can [...]