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Common Area Basics

COMMON AREA ISSUES Most associations have common areas.  These can range from simply a detention pond or two and/or maybe a few subdivision entry signs for a large detached single-family home community on one end of the scale to recreational facilities (such as a clubhouse, pool, tennis courts, etc.), parking lots and lakes used for […]

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New FHA Owner Occupancy Requirements

HUD ANNOUNCES NEW FHA OWNER OCCUPANCY REQUIREMENTS The U.S. Department of Housing and Urban Development (“HUD”), recently published Mortgagee Letter 2016-15, which modified the owner occupancy requirements for condominium associations seeking Federal Housing Administration (“FHA”) approval.  Prior to the adoption of Mortgagee Letter 2016-15, a condominium association with an owner occupancy rate of under fifty […]

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STOBE: Leasing Restrictions Going Forward

  LEASING RESTRICTIONS AFTER STOBE v. 842-848 WEST BRADLEY PLACE CONDOMINIUM ASSOCIATION Recently, on February 3, 2016, the Illinois First District Appellate Court, Third Division, issued a ruling in the case of Stobe v. 842-848 West Bradley Place Condominium Association (2016 IL App (1st) 141427) pertaining to certain leasing restrictions within condominium associations.  At this […]

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Does the Property Management Agreement meet the Association’s needs?

A FEW SIGNIFICANT ISSUES TO FOCUS ON IN CONDOMINIUM, HOA and TOWNHOME ASSOCIATION PROPERTY MANAGEMENT AGREEMENTS One of the most important individuals involved in keeping many condominium, homeowner and townhome associations going on a day-to-day basis is the property manager. Professional property managers often provide invaluable service to these associations, whose boards of directors are […]