by Jonathan Szabo | Apr 10, 2017 | Finances
Borrowing for the sake of borrowing in order to build up a reserve or to simply prolong an inevitable assessment are near the top of the bad idea list when it comes to reasons a condominium or homeowners association may choose to borrow money. On the other hand,...
by Lawrence Szabo, Esq. | Apr 1, 2017 | Finances, Managing Agent
The Real Deal, a South Florida real estate news provider, has reported that a former accounting assistant in Miami-Dade has been arrested and charged with first-degree grand theft and organized crime to defraud more than $50,00 from a condo association. The report...
by Lawrence Szabo, Esq. | Jan 5, 2017 | Case Decisions, Dues and Assessments, Finances
Commonwealth Court of Pennsylvania decision (January 4, 2017) This case involved a dispute between a homeowners’ association (“Association”) and husband and wife homeowners (“Homeowners”) over the nonpayment of association dues by Homeowners. The action was...
by Lawrence Szabo, Esq. | Dec 19, 2016 | Finances
State laws and/or homeowners association governing documents typically impose duties on homeowners associations relative to the maintenance of reserve accounts. Implicit in these duties is the need for the homeowners association’s board of directors to...
by Lawrence Szabo, Esq. | Nov 22, 2016 | Dispute Resolution, Finances, Managing Agent
The Miami Herald has reported the filing of a class-action lawsuit against a homeowners association for allegedly violating Florida’s state laws governing the maximum amount that a homeowners association can charge for transfer fees in connection with the sale or...
by Lawrence Szabo, Esq. | Oct 4, 2016 | Finances
HOA directors have a duty to periodically review the association’s finances and also conduct detailed financial audits of the association’s financial statements and accounts. A review of association finances entails reviewing all bank statements and check registers to...
