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Community Update

December 2017

In this Issue

As we turn the corner into 2018, many associations are planning for the needs and demands of a new year. This includes the business-as-usual matters — annual meetings and elections, getting new board members up to speed, calculating budgets and making decisions about which maintenance projects to complete — and the new and infrequent requirements. This month’s CUP takes a look at the new website requirement and association finances. We also offer up some insight on a new initiative for the legislative session which begins on January 9, 2018.

The article “MyCondoNeedsAWebsite.com” addresses the new requirement that condominium associations with 150 or more units have a website for the purpose of posting digital copies of official records.  Although the deadline for compliance is July 1, 2018, the planning and preparing begins now.

In  “Borrowing Money” we discuss the fact that special assessments, while beneficial, do not always provide the needed financial resolution and can leave an association in the position of having to get a loan. “Borrowing Money” provides a checklist to help guide associations through some of the decision making when deciding between a special assessment or a bank loan.

In another discussion of association revenue, “The Association Foreclosed on a Delinquent Owner.  Is The Mortgagee Entitled To The Rental Income?” takes a look at whether a bank foreclosing on a unit to which the association holds title (following its own foreclosure) can reroute the Association’s rental income from that unit.

If you help run an older high-rise condominium that does not have sprinklers installed throughout or an ELSS, and are concerned with the expense and logistics of meeting the statutory compliance requirements, the “Engineered Life Safety System (ELSS) Lobbying Initiative” article will be of interest to you.

  • The Association Foreclosed On A Delinquent Owner. Is The Mortgagee Entitled To The Rental Income?

    Condominium and Homeowner Associations are never anxious to take on properties abandoned by owners.  Yet with the mortgage crisis many properties were left vacant for years.  In the interim, unpaid assessments continued to accrue and the properties were ripe for vagrants and were left to deteriorate, risking damage to the common elements or adjoining …

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  • Borrowing Money

    As buildings age, repairs become necessary.  For associations that have not funded reserves, money will be in short supply, leaving two possible options depending on what is permitted under your governing documents:  special assess and/or borrow money from a bank.

    The problem with special assessing, especially in some communities, is that unit …

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  • MyCondoNeedsAWebsite.com

    In less than a year, condominium associations with 150 or more units (that do not manage a timeshare) will be required to have a website for the purpose of posting digital copies of certain official records so members can access them online.  Although it seems like a simple enough task to comply with §718.111(12)(g), …

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Did you know?

Becker & Poliakoff offers many complimentary courses throughout the state. These courses are aimed at helping both board members and managers with the tasks of operating their communities. Courses do not just focus on board certifications but rather on topics of import based on the season. For example, at the start of the Hurricane season, I partnered with the American Red Cross and taught a course on Disaster Preparedness & Recovery. As we enter budgeting season, classes on budgeting and resources are offered. Election season has classes which help with the properly running of an election. These classes are also not just for the Becker & Poliakoff client family as they are open to all who seek to learn for the betterment of their community.

Click the button below for a list of upcoming courses near you, and make sure to check back often as new classes are added all the time.