Ownership of Property Governed by a Condominium, Cooperative or Homeowners’ Association Carries Significant Responsibilities.
Owning property governed by a community association carries responsibilities in addition to privileges. Among other things, owners bear responsibility for the costs associated with maintenance, repair, replacement and protection of the common property and facilities as well as administration of the Association.
Mr. Poliakoff explains how important it is for buyers to research the financial status of the Association before purchasing a property in a “Shared Ownership Community” or “SOC”, which is the term used in his new book, New Neighborhoods: The Consumer’s Guide to Condominium, Co-Op and HOA Living. The interview also includes comments relative to the housing market, especially with regard to the impact of lending criteria by government sponsored entities such as Fannie Mae and Freddie Mac.
Ms. Drake explains the pitfalls of leasing residential property in the current foreclosure market to Fox Business News’ co-anchors Dagen McDowell and Brian Sullivan in the interview posted above. Bank foreclosures are responsible for significant losses of revenue to community associations throughout Florida and nationwide.
The more owners understand the obligations associated with ownership and occupancy of a residence within a shared ownership community the better. Community leaders are, for the most part, owners as well. Minimizing disputes that can become quite costly and aggravating for everyone involved is especially important in this economy, as community leaders need to focus on streamlining operations, reducing expenses and handling delinquencies.
Fannie MaeFreddie MacShared Ownership Community