How many condominium associations are in the USA?
According to Community Associations Institute, the latest number available, for 2009, indicates that there are 60.1 million residents in 24.4 million housing units located in 305 association-governed communities in the United States.
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Check your state laws, all states are different when it comes toworker's comp regulations.
Usually, the association must be dissolved in order for the association to cease. (It may not be in good standing under the guidelines of the Secretary of State, but not filin…g your annual renewal -- if one is required in your state -- but this may not automatically dissolve the association.) Your governing documents may provide a process or method of dissolving the association. Dissolution usually occurs in the case of a disaster that essentially destroys the physical structure. Dissolution may also be used when the project's developer has established an association favourable to the developer and then the developer abandons the project. Remaining owners, including the developer's lenders, may choose to dissolve the faulty association and form another that is more useful to the operation of the community. NB: The status of the association is the business status; the declaration status, which is the land-use status, is not affected when the association's status is changed.
A condominium association is the business entity involved in condominium ownership. The condominium association is usually a non-profit corporation, and is listed with the Sec…retary of State in the state where the condominium community is located. The Secretary of State's records are usually public records. As well, residents and owners of a condominium community should know who sits on the association's board of directors, and their contact details. You can also contact a condominium association through its property manager.
Read your governing documents to understand what details must be included in a letter you plan to send to a unit owner to collect late assessments. You may also want to inclu…de additional steps you plan to take if the late assessments are not paid. You can include in your letter, the language from your governing documents that outline an owner's legal responsibility to pay assessments. Finally, you may want to work with an attorney, so that you follow the guidelines established by your governing documents for collecting assessments. If you fail to follow the guidelines, your owner who is in arrears may be able to delay paying even longer, based on a technicality.
All condominium associations are led by boards of directors,because the association is a corporation. Some board members -- and too many owners -- fail to read thegoverning d…ocuments established to guide the business of theassociation. As a result, the board may not act in leadershipmode , which can be a pitfall. When owners fail to read their governing documents, or for whateverother reason, fail to pay their monthly assessments, theassociation may not have enough money to pay its communal bills.These services might include, sewer, water and other utilities,master policy insurance premiums, landscape expenses, preventativemaintenance items, and so forth. As a result, the condominium association can find itself in acrisis, whether caused by poor management or by a natural disaster,and have no guidance for surviving the crisis. When an owner considers buying into a condominium, due diligenceincludes reading the governing documents, and the last three yearsworth of board meeting minutes and association financial reports. A condominium association in crisis or on its way to a crisiscaused by poor management can be easy to spot, and therefore avoid.Such an association would also be one to avoid, because it mightnot be able to recover from a natural disaster. Finally, depending on the location of the condominium, -- statelaws apply -- a new development's association can be in danger,because the association is not well formed, or is formed by thedeveloper and does not effectively represent new owners. Another Perspective In many cases the association isn't sustained and no one is incharge. Many have been abandoned by their developers before astrong until owners association was established. No entity collectsthe common fees, no one is in charge of maintenance and upkeep, noone enforces the rules and regulations and no one is in charge ofrepairs. This has happened with many condo projects that were notcompleted before the market crashed in many regions. Also, manyassociations attract people who like to be in charge as an egobooster but do not follow through on their responsibilities.
Usually the declaration (decs) includes the Articles of Incorporation for the association, the covenants, conditions, restrictions and reservations (CC&Rs), and the by-laws. …The Articles of Incorporation facilitate the association's ability to legally do business with a state, usually as a non-profit corporation. The CC&Rs -- you can think of them as the constitution for the association: they are not easy to change or amend. By-laws -- you can think of them as the 'rules': they are easier than the CC&Rs to change or amend. In addition, the board may pass Resolutions regarding specific issues, such as the process for collecting assessments, establishing rental restrictions, move-in/ move-out guidelines and fees, responsibilities for bank-owned units, and so forth. All of these documents make up the governing documents for an association.
A stipulation of settlement indicates that the parties to a legal dispute have arrived at a formal agreement resolving their dispute. If you are one of those parties and the o…ther side has presented a stipulation of settlement and you don't agree then you will need to fight it out in court. Your best option is to engage the services of an attorney and present the attorney with the facts, so that the attorney can represent you and your interests in the settlement.
It's a good idea to check with the current owner -- the bank, or whomever owns the unit -- before entering it. For safety and security reasons -- to inspect for potential fro…zen pipes, turn off the hot water heater, set minimum heat in cold winter months, and so forth -- the association may be in a more immediate position to ascertain what tasks must be completed to verify that an empty unit poses no hazard to the community overall, than the current owner. Your governing documents may also describe the minimum notice period and form of notice required prior to unit entry, with the extra tip that posting a notice of intent to enter on the door might be a good idea. Upon entry, it will be a good idea to document the tasks to be performed, the names of the people who entered the unit -- usually two -- the time and date, and other key details. Leave a copy of the entry log on a counter in clear view, simply to produce transparency in this board action.
You can take a free, online course that will help you understand the fundamentals of association leadership, using the link, below. Otherwise, your duties and responsibilitie…s are also detailed in the governing documents of the association where you serve as president of the board. The free course will give you broad basics; your governing documents will give you the particulars of your presidency.
Your broker can explain this concept to you given your particular situation in your state.
Your governing documents are specific about amending your by-laws, because this process is different in every community. The steps may include: . Working with your associat…ion's attorney to craft the resolution or other-titled amendment; . Notifying every owner of the purpose of the resolution, and providing every owner a copy of the amendment; . Establishing a voting process that could include proxies and ballots; . Counting the votes, broadcasting the results to the membership and filing the amendment as a permanent addition to your community's governing documents. Usually, it's easier to amend the by-laws than to amend the covenants, conditions, restrictions and regulations (CC&Rs), because both are amended by a percentage of votes of the membership. By-law amendment is typically 51% or a majority, and CC&Rs amendments is typically a super-majority, such as 67%.
Yes, many (and maybe all) condominium associations have boards of directors. This style of real estate ownership -- an association -- is a business. The business is properl…y registered with the Secretary of State (the location of the community) as a corporation, usually a non-profit. Business require boards of directors in order to operate the business of the association.
Yes. Read your governing documents to determine when this act takesplace.
Read your governing documents to determine who owns the exteriorplumbing in your case.
In Housing Associations
No. A master association may contain multiple, separate condominiumassociations.
The purpose of the condominium association insurance is to guard the tenants from having to pay for water damage caused by leaky faucets or from damage to the structure of the… rental establishment. The purpose of the condominium association insurance is the same as any other insurance policy and that is to have in place moneys that the tenant do not have to pay in the event of a mishap to the structure of having lived in the dwelling.
The definition of condominium ownership is contained in theland-use documents filed in the local hall of records by theoriginal developer. In order to convert the land-use to …another use, you are bestadvised to find a local, common-interest-ownership-savvy attorneywho can help you understand the pros and cons of both types ofcommon interest communities. As well, this attorney may be able tohelp you convert the land-use to the one you want.