Is it illegal for a property management company of a condominium complex to withhold an agreement from FHA unless they receive a confidentiality agreement from the mortgage company?
The association's board is in charge of sharing association details with the FHA. This is their decision to make, not a decision to be made by the vendor.
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Answer . Basically the person is agreeing to terms stated and is accepting the responsibility to pay the amount the card issuer claims is due.
Basically the person is agreeing to terms stated and is accepting the responsibility to pay the amount the card issuer claims is due.
Can your employer withhold the outstanding balance on your company sponsored credit card from your final paycheck if you are terminating and you signed an initial agreement giving permission for this?
Answer . Yes. If they "sponsored" the credit card, they are guaranteeing the debt. After you are no longer an employee they have no way to know that you would pay off the debt. If the card was used for company expenses, you should get reimbursed for those expenses. If they were personal expenses …why should the company be responsible for them?. Answer . \nThank you Redbeard for this answer. Can I assume by your answer that this would not fall under the Fair Labor Credit Act requirements of percentage of disposable earnings and that it would be okay if this reduced their pay to below the minimum hourly wage for hours worked? Can you site any regs or laws you would use to prove the answer? Anything would help. (MORE)
In California is it legal for a mortgage brokerage to own a property management company at the same time?
Answer . \nyes...mortgage brokers have to have a Real Estate license. So does someone in a property management company. You could do all three at once if you wanted to.
What can you do if your mortgage company requires a reaffirmation agreement for a loan modification but your lawyer said it was not needed so you did not do one?
If your mortgage company requires a reaffirmation agreement but youdid not do it based on the advice of your lawyer, talk to themortgage company and explain to them why you didn't do it. Thelawyer should contact them for you and explain that these documentsare not needed. In some cases it can be eas…ier just to sign thereaffirmation agreement as the mortgage company is requesting. (MORE)
Condominium associations are governed by: (1) State Law, (2) the documents creating the condominium, usually the Declaration of Condominium, and (3) the Bylaws of the Condominium Association. Often, a condominium association will hire a property management company to manage the day-to-day operation…s such as collecting assessments, paying routine bills, handling calls from unit owners, etc. The property management company will usually enter into a contract that outlines the duties and obligations of each party. That contract should contain terms including the length of the contract and methods of ending the contract early. As with any contract, there are other remedies based in contract law. For example, if the management company is not living up to their obligations in the contract, they may have "materially breached" the contract in a way that would allow the the association to terminate the contract due to that breach. Usually, a property management company will agree to terminate a contract where the arrangement is not working out. Of course, it is the association, not the property owners, who makes the decision to enter into a contract or what steps should be taken in the course of business. The Bylaws of the Association usually outline the structure of the governing body. This is usually a Board of Directors with several officers. The number of board members and how they are elected will be established by the bylaws. Often, the board will elect or appoint officers of the association such as a President, Vice President, Secretary, and Treasurer. It will usually be up to the Board to make decisions regarding the hiring and firing of a property management. However, it is not unusual for a board to delegate such powers to the President of the Association. (MORE)
Can a mortgage company who took over your mortgage two years after bankruptcy discharge require you to reopen your bankruptcy to enter into a reaffirmation agreement if prior company didn't need it?
They would never have more rights than the mortgage company they bought it from.... This would seem very, very, highly unusual...and likely impossible...and why would they want anything if your current...if your not...well that's a different story.
If a property management company doesn't have a renter for a property who is responsible for the mortgage payment The property management company or the landlord?
That is correct. The landlord is responsible for the mortgage payment as the investment property is ultimately his (name on the deed). And I also agree with the advice given below. A competent and successful property manager will get vacancies filled. In a slow market, it's natural for a home to …sit vacant for a few weeks, but the property manager should be doing everything in his/her power to get that home rented - including aggressive marketing. the landlord of course, but the landlord may need to start looking for a more reliable property management company. (MORE)
Homeowner caught in the ARM mortgage short sell condo Unknown to me mortgage was sold to another company prior to settlement agreement how can both mortgage companies report same info to 3 agencies?
this should have been something cleared up by the title search. contact your title company because the title insurance should cover you.. 11/7/08 it should like you are talking about the credit agencies? Double reporting? Mortgages are bought and sold all the time. The old lender should have stoppe…d reporting when the new lender started reporting. Since you mention short sale however that indicates that you are in foreclosure. Loans are usually sold when foreclosure proceedings have been initiated. If they are reporting the same information it can make it appear that you have two loans in foreclosure, is that the issue? Please clarify for a better answer. (MORE)
If a company never provided you with a copy of the car lease agreement can you cancel this lease as you never received these papers?
In the UK, you have around 7-14 day cooling off period, during which time you are able to cancel your contract and receive a full refund, or a refund less the administration fees. The answer to this question depends on how long it has been since you signed the lease, and the terms of the lease, a…s well as your local laws that govern this kind of contract. I would be tempted to hazard a guess that because there IS a copy of the paperwork floating around somewhere, it is partly your responsibility to chase it up. It may be viewed that since you signed the contract, you are liable for payments and have entered into a contractual agreement. Chase it up as soon as possible and you may save yourself a lot of hassle further down the line. (MORE)
The length can depend greatly on the sensitivity of your work and in which field of expertise you practice. An "average" length of time after termination of employment is three years however for companies where intellectual property is generated up to 15 years, or the life of a US patent is common…. Scientific or national security personnel often sign lifetime NDAs. The content of an NDA is often more important than the length it binds you and the terminology is generally very difficult for a non lawyer to discern. An NDA is a legal document and should be reviewed with your lawyer before signing. Make sure that the lawyer knows all the 'projects' you are independently working on. (MORE)
You can easily start a property management company, but there arefew steps required, as stated below:- 1. Get Property Management certification from certified Association 2. Keep Good relationship with your owner and tenants 3. Being Organized (usually use Property Management Software
Companies prefer a leasing agreement because they can keep theasset in the long run. A purchase agreement doesn't allow thebusiness to continue making money.
No, a confidentiality agreement does not end at the termination ofemployment. These agreements are binding for the life of theemployee.
A Hardship Agreement, is when you as the consumer agrees to pay the minimum payment with no APR, or finance charges for a number of months. This is the last option you have to pay your debt.
Your mortgage company added your other property to your mortgage illegally 2 years after signing mortgage What can you do?
The mortgage company can not add another property to your existing note without you signing for it. If they have placed a lien on your property you can go to court and make them remove it. Pull your Mortgage or Deed of Trust (depending on what state you are in) and look at the addresses on it. If it… does not show the second property, then they have no legal right to put a lien on it. I would go to the closing agent (title company or attorney) that originally searched the title to your property and ask them for help. in some states if you had a foreclosure on another property, the first lender can place a lien on a new property that you have bought, if that is what you are talking about. (MORE)
Well, it's really hard to obtain a dependable property managementcompany with total dedication. And then browse online & findall the local listing of property management company and notice allthe details also. May be this will help you to find a rightalternative for purchasing any real estate proper…ty. (MORE)
Yes, property management firms should be applicable to form 1099,according to which the landlords must keep track of the paymentsmade to service providers, if the cost incurred in total is $600 ormore.
Are funds belonging to a condominium association frozen if the funds of the management company are frozen by the IRS?
This question can be best answered by seeking professional assistance from the association's attorney or tax counselor. If the association's bank accounts are kept in the name of the association with signatory power given to the management company, your professional guide can help you protect the a…ssociation's ability to use its funds to pay its bills in the scenario you describe. Removing the management company from the association's accounts may be required. If the association's funds are co-mingled with the management company's funds in the same account, your professional guide can work with the IRS, the association and the bank to determine how to separate these funds out, so that the association can pay its bills. Your governing documents provide a guide that the board can follow to determine how the association's accounts are to be established and protected from the implications of co-mingled funds, even your own. (An association's operating and reserve accounts are generally required to be separate accounts.) Finally, the laws in your state may also require guidelines for associations and their managing agents insofar as association funds are concerned. (MORE)
Basically, no lender can be forced to give you credit - regardless of why you think you deserve it.. If you were defrauded of any property, which of course you would have to prove to a court - or your contention is not only not believable - but if actually said of someone or a company and unsupport…ed, likely a criminally libelous act. But if true, not only would those doing so be subject to criminal charges...they would probably have to return the property to you...without a mortgage and pay additional damages to you too. So, if you were actually defrauded...pursue it....you'll come out way ahead! (MORE)
How long can a property management company hold the owner's reserve funds once the property management agreement has been terminated?
This time period may or may not have been defined in your contract. Call other property managers in the same industry in your locale, and ask the question about the time period. Then, send a letter to your property management company, certified, return receipt requested, and demand that your rese…rve funds be paid within that period. If you do not receive the funds, you can take your contract, termination papers and copy of your certified letter to an attorney and involve professional assistance in collecting your monies. (MORE)
These are sometimes referred to as a "combination in restraint of trade," or 'cartels.' It makes no difference if they are informal or formal, in the US it is against the law. It is known as price fixing. An arrangement in which several competing businesses make a secret agreement to set prices …for their products to prevent competition from others. It is a violation of federal antitrust statutes. (MORE)
http://wiki.answers.com/Q/What is the Legal effects of shareholders agreement after the company is to be registered "
Yes. Whether you have a mortgage or not or where you got it is not relevant.
Is it legal for property management to sign a lease agreement as the landowner without the landowners permission?
Absolutely not! Not without your written/signed consent. If Property Management did so, it seems you would have had to sign a Property Management Agreement with them that gave them that authority. You would read over the agreement you signed when you signed on with the management services.
It depends on what you mean by condominiums. It's possible that the condominium project developer who originally owns the land was required to sign an easement agreement. Your local county clerk's office has a copy of the original deed filing for the land which will contain an easement if one was… signed and/or required. If you are asking about an individual unit owner's requirement to sign an easement agreement, your association's attorney can give you an opinion. (MORE)
It depends. If you are a six-unit conversion of a brownstone on the upper east side of Manhattan and you've all lived in the building for 20 years and kept the property in good repair -- maybe not. If you're a new complex with multiple buildings, a mixed-use development with residential and c…ommercial, have a clubhouse, pool or putting green -- maybe yes. Everyone in between: the association needs to make this decision. These are the advantages of hiring a property manager (who knows that they're doing): . They offer a buffer between board members and neighbors . They can help the board honour the governing documents and abide by the state law that governs condominiums and possibly non-profit corporations . They can handle your finances and produce financial reports in the standard modified accrual method . They can offer a wider selection of vendors . They have experience working with recalcitrant owners who don't like to pay assessments, so they don't pay them . They can collect the names of tenants . They can send violation notices and enforce the governing documents Unless someone on the board is more or less willing to devote full time to operating the business -- usually a multi-million dollar corporation, a condominium-centric property manager is a vendor that most associations prefer to hire. Key is finding a property manager knowledgeable in managing condominium properties. A rental-centric property manager can generally be a waste of money, since without an understanding of governing documents and local state condominium law, this vendor can only offer a false sense of security to the association. (MORE)
A security company holds financial securities AKA intangible assets. A property management company manages property AKA real assets. Another Answer Insofar as real estate property is concerned, you could also say that a security company is chartered with protecting the physical property and its… occupants, while a property management company is chartered with handling the business aspects of the property. (MORE)
A subordination agreement is usually used to gain consent from one lien holder to take a junior position to another lien holder. It isn't by itself a mortgage or a lien.
Your answer depends on what services you require. If you own a 3,000 unit apartment building, and need full service from a property manager, you'll pay more than if you are a single condominium owner seeking a tenant. Prepare your list of services that you require, and call three local property …managers in your geography. Ask for their rates and contract terms. This exercise will help you determine how much you want to pay. (MORE)
These contracts are typically used when a vehicle has been in an accident or off the road. This protects the towing company from having to pay for damages to the vehicle. If a vehicle is in a ditch covered in mud, it is not possible for the tow driver to do a complete examination of the vehicle f…or damages, thus the hold harmless. Many people put damages claims into towing agencies. Most are found to be fraudulent. In Washington, any damage resulting from the towing or recovering a vehicle that has been involved in an accident, is "a continuation of the original accident" These contracts can be used on a number of things, such as, towing a non-typical vehicle. Other uses may include the "This shouldn't be towed with a tow truck like mine, you need a different one, but you don't want to wait, so, here, sign this, and I'll tow your car." ** THE BASIC IDEA ** This says, once signed, I recover your vehicle from whatever situation you put yourself in, and I will do my best not to make the situation worse, but something might get damaged, so this contract covers my butt. (MORE)
Many things involved, you should have enough capital, relationswith tenants, landlords and other concerning authorities. As a newcompany your rates should be competitive, also need experience inreal estate so that you can cover all aspects.
Your question and the categories you chose make it look like something in your possession was repossessed on property that is part of a condominium complex. With those facts as assumptions, your answer is: . Some of the complex is private property, some is common area and some is public. . Wi…th proper documentation, any asset can be repossessed. (It's a lender's right to reclaim assets in order to retire an unpaid debt.) Here are the details you need to answer your particular question: . Please read your governing documents to determine where your 'private property', i.e., your unit boundary line runs. As well, you can find the definition of what parts of the complex are owned by all owners in common. . Your local tax assessor can help you understand what part of your complex is public. . Laws in different states govern access for repossession, so you need to understand those for your state. Answer A condominium property is private property in contrast to public property which is owned by the government or the community such as a park, highway, school or public library. Generally, the towns do not maintain the streets within a condominium project thus they are also private. (MORE)
If you join a company with an Intellectual Property agreement that needs to be signed how do you retain the rights to your own ideas that you had before joining?
The simplest and most effective way would be to register the copyrights or patents. Then stipulate in your agreement that you retain ownership to those registered works or inventions.
No. A change of name does not affect the enforceability of any contract as against either party.
Yes and no. The legal ownership of the property is separate from any liens against it. Therefore you can file grant deeds with the county (signed by all legal owners) that transfers ownership of the property. However, standard mortgage documents usually have a covenant prohibiting the transfer of al…l or part of the ownership in the home without the express written permission of the lender. So while you can technically alter the ownership, it does NOT alter the financial liability for the loan (the removed party is still liable for the debt) and may cause you to face serious problems if the lender becomes aware. A breach of the terms of your mortgage is a default, and they may have the right to call your loan due and payable immediately. (MORE)
You need to review any particular agreement to determine what rights are provided to the purchaser. In the case of a mortgaged property, the mortgage must be paid off from the proceeds of the sale. You should always consult with an attorney when purchasing real property. You need to review any part…icular agreement to determine what rights are provided to the purchaser. In the case of a mortgaged property, the mortgage must be paid off from the proceeds of the sale. You should always consult with an attorney when purchasing real property. You need to review any particular agreement to determine what rights are provided to the purchaser. In the case of a mortgaged property, the mortgage must be paid off from the proceeds of the sale. You should always consult with an attorney when purchasing real property. You need to review any particular agreement to determine what rights are provided to the purchaser. In the case of a mortgaged property, the mortgage must be paid off from the proceeds of the sale. You should always consult with an attorney when purchasing real property. (MORE)
What you'll pay your property manager will vary depending on whatservices you require, the type of property you own, and where yourproperty is located, but here are some standard fee structures: . Percentage of monthly rent: If you choose toemploy a property management company on a full-service ba…sis,you'll most likely be charged a percentage of the monthly rent onyour property. This can range anywhere from 5-15%, with 8-10% beingcommon. Under this fee structure, if your unit isn't rented, youdon't pay. . Flat-fee: For larger buildings, propertymanagers often charge a flat fee per month, regardless of how manyunits are rented at any given time. Property managers typicallywork on a flat-fee basis when they expect managing your building torequire a significant percentage of their company's time andresources. . Project-based: When you employ a propertymanager for selected services only, project-based fees are common.For example, if you hire a property management company to fill avacant property, you might be charged the equivalent of one month'srent for the privilege. That said, there are other fees that property managers chargeowners as well as tenants. Given that the most important aspect ofresidential property management finding, screening and retaininggood tenants, most property managers will charge anywhere between50% and 100% of the first month's rent. Consider looking using sites like NARPM.org for information onprofessional property management licenses, requirements andstandard practices. For a comprehensive database of propertymanagement companies, sites like Allpropertymanagement.com arehelpful as well. (MORE)
Can a mortgage company sue for the entire amount of a second mortgage after foreclosure even though they received money to cover the first and some of the second after the sale of the property?
First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing… you for. First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for. First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for. First, it is unclear how you know the mortgage company received money toward the second mortgage from the foreclosure of the first mortgage. The lender can sue for the second mortgage. You should consult with an attorney who can seek documentation from the lender to support the amount they are suing you for. (MORE)
Tenancy law is different in different countries but the "property management company taking over" part is neither here nor there. For the UK, if you do not have a rental agreement in place then as a tenant you are (strangely) very well protected by the law from eviction and the landlord has very few… rights at all. However, a good management company will come and meet with you and ask you to sign an appropriate tenancy agreement, which will be better for everyone in the long term. (MORE)
Any manager for a condominium association is a vendor, usuallyunder a contract. Read the contract to find the terminationclauses.
One may contact a property management company by first finding the company they want to talk to. Once they find a company suitable to their needs, they should find either a phone number, email address, or office address.
One can purchase a property management company online at various websites that have listings of various property management companies for sale. One can also go to a business broker or a lawyer specializing in real estate transactions.
If you are looking for an employee confidentiality agreement, sometimes known as a non-disclosure agreement, a lawyer is probably your best bet. A lawyer will be able to help you with the specific needs you may have regarding any unforeseeable circumstances involved.
Yes. You need to review all the documents you signed when you received the proceeds from the loan. Many lenders restrict loans to owner occupied property. Yes. You need to review all the documents you signed when you received the proceeds from the loan. Many lenders restrict loans to owner occupied… property. Yes. You need to review all the documents you signed when you received the proceeds from the loan. Many lenders restrict loans to owner occupied property. Yes. You need to review all the documents you signed when you received the proceeds from the loan. Many lenders restrict loans to owner occupied property. (MORE)
A commercial property management company deals with properties that are intended for commercial use by managing these assets and providing research and valuations for both leaseholders and lenders.
Mortgage companies typically offer owner finance agreements. This is because not many people can afford to hand out $100,000 plus at the time of signing for a home. It is necessary to finance a customer over a period of time. They generally do this to gather interest and make a profit.
The majority of Spanish residents and non-residents alike are using Spanish banks to finance properties in Spain. With the Spanish economy and real estate market still in the doldrums, most Spanish banks are more than willing to lend to non-residents and offer a variety of attractive rates and plans… to lure buyers. For more detailed information on Spanish mortgages, the websites Euroresidentes and Advartis offer a wealth of information on requirements and procedures for obtaining a non-resident loan from a Spanish bank. (MORE)
The management company has been hired and contracted to work forthe association by the board. If the board believes that the management company has beencontracted to 'take care' of the property, and has failed to do so,the board may take action against the vendor. The board can also cancel the vendo…r's contract and refuse to givethe company a good recommendation to other associations in thearea. However, key here is that it is the board's responsibility to 'takecare' of the property, and that they have chosen to vendor out thetasks does not remove the responsibility from the board. You may want to take action against the board by removing them andvoting in board members who can 'take care' of the property. (MORE)
A property management company does rent or sell properties whetherit is tangible or intangible property and property manager isresponsible for track and monitor the properties.