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What else can I help you with?
Is a unit of a condo association able to secure a SBA loan if association rents out property?
SBA loans are vetted for use by small business. The association may be a small business, but the purpose of the loan should be to expand and grow the business, which is not a goal of an association in a common interest community. If the association needs money and wants to take out a loan, there are banks that will loan money to associations, based on the association's ability to collect assessments from owners. Best practices dictate that the board sit down with a banker to discuss loan options.
Can the owner of the condominium open the business in condo?
Read your governing documents to determine the uses for your property allowed by the association.
How do condo association hold election?
Read your governing documents to determine the protocol and process for how elections are held in your association. You can find a copy in the association's business archives, or obtain one from the association manager -- probably for a production fee.
What is the concept that for instance you are on a board for your condo but you also get referrals for your business through your association with the board?
The concept is called 'conflict of interest', especially if your position on the board benefits you financially through your business.
Can you know the status of a condo association?
Yes.You can request the status of the association from the Secretary of State where the association is located.
If condo association forecloses on an owner does the lender pursue deficiency judgment against the owner or condo association?
Your attorney can help you answer this question, since it requires a legal answer.
Can a Condominium Association fine you for profanity if you are just renting the condo?
Yes. When you rent a condominium, you are subject to the same rules and regulations, governing documents and guidelines as an owner -- except that you cannot vote in association business.
What companies in Chicago offer condo association insurance policies?
State Farm, Progressive and Geico are some well known companies that offer condo association insurance policies. There are local and lesser known companies such as Melendez Insurance that offer condo association insurance policies also.
What is a condo association?
A condominium association is a legal entity, often a state-registered corporation, made up of members who own condominium units. Read your governing documents to identify the particulars of your association, and how the state's corporate guidelines affect the business conducted by the association on behalf of its members.
Can you rent out a bedroom in your 2 bedroom condo in Florida?
Only if the Condo Association allows it. It could otherwise fine you.
Can a lien be filed for nonpayment of assesments from a condo association?
Yes.
Have Florida legislators passed a law to force condo owners to pay their condo fees?
no but trying to If a condo owner falls more than 90 days in arrears of association, the right to use common areas can be suspended by the association until such dues are paid.
