Homeowners Association Reserve Study

Submitted by J. Debes Often, Homeowners Associations engage a third party to provide them with a “reserve study” to determine what major maintenance related expenditures will the Association likely incur in upcoming years – roof replacements, asphalt replacements, siding replacements?  In addition, at what cost to the association?  These studies often have a price tag of several thousand dollars.  Unfortunately, many Homeowners Associations waste money on such studies. Any qualified management company should have the necessary experience and contacts (engineers, architects, contractors) to coordinate this task, thereby providing their client…

Outsourcing Lease Administration

Submitted by A. Smith You have just spent the last 3-6 months (or maybe 2-3 years) working with your Real Estate Advisor to establish a list of office space requirements, tour potential sites, review proposals, negotiate terms, get internal approvals, finalize lease documents and coordinate the details of construction and relocation.  You are now all moved into your new office space and for the time being, the space is comfortable, well maintained and functioning perfectly for your business’ needs. The project may feel complete, but now is the time to…

Homeowner Associations (HOAs)

Submitted by S. Laraby A Homeowners Association, commonly referred to as an HOA, is a corporation developed for the purpose of managing, marketing and maintaining a residential community.  The entity is typically created by the developers and ownership is transferred to homeowners within the community once established. HOAs employ the services of property management companies to manage current and future maintenance and repair work, as determined by the HOA Board of Directors.  The Board of Directors is a group of elected representatives from within the community who ensure that decisions…

What is a Court Appointed Receiver?

Submitted by S. Leonhard In certain situations where a company or individual is in default on loan obligations, such lenders or creditors may seek appointment by an authorized court of law of a Receiver to safeguard their interests.  The Receiver is an independent party to the foreclosure and reports to the court.  His responsibility is to preserve the property and his duties include collection and application of rental income from the property and preservation of the property’s physical plant.  The Receiver reports to the court at certain intervals and is…