Reserve account realities: what the HOA industry won’t tell you

By Deborah Goonan, Independent American Communities Homeowners’ association industry trade groups have been beating the drum about the importance of strong reserve accounts for many years. It seems like common sense advice for HOAs to plan for future expenses. But planning for future financial solvency is not as simple as reserving at least 10% of the Association’s monthly, quarterly, or annual fees. There are several important factors to consider, which I’ll explain in this article. Continue ReadingReserve account realities: what the HOA industry won’t tell you

HOA, Condo, & Co-op Legislative Highlights (Feb. 2018, MA,MD, MI, NH)

By Deborah Goonan, Independent American Communities MARYLAND Senate Bill 258 and House Bill 77 (MD) It’s no secret that real estate developers prefer to limit and avoid construction defect warranty claims. In Maryland, some developers add provisions to association governing documents or sales contracts that are intended to get around state law by effectively reducing the “statute of limitations” or “statute of repose” — the period of time during which property owners or an association Continue ReadingHOA, Condo, & Co-op Legislative Highlights (Feb. 2018, MA,MD, MI, NH)