» Posted October 18, 2017 News
AB 1412 made two unrelated changes. Both of them make a lot of sense.
» Posted September 7, 2017 Articles
FHA certification is not mandatory for condominium associations. Associations tend to go through the certification process so that there is a larger pool of potential homebuyers, which theoretically increases the value and marketability of units. Further, FHA will only insure mortgages used to purchase a primary residence. As a result, a board can potentially increase the number of owner-occupied homes by certifying the association. In theory, being FHA certified is a signal to all potential buyers that the association is in good financial health, even if the buyer will not be using an FHA-insured loan.
» Posted August 15, 2017 News
AB 690 includes a few changes to the law that are unrelated to one another.
Currently a manager must provide certain disclosures to a prospective association client prior to entering into a management contract. With those disclosures, a manager or management company must now disclose whether the manager will receive a referral fee or other monetary benefit from a third-party hired to distribute documents required as part of the association’s annual budget report.