Is your association increasing, or even decreasing, its annual assessment fees for 2020? If so, it is important that the association follow its governing documents when providing notice of the change to all owners. In addition to providing owners with proper notice of any change, the association should also notify its attorney. This will help
Money Matters
What is Mediation?
Mediation is a type of alternative dispute resolution with the goal of finding a solution and reaching an agreement that is acceptable to all parties involved. In some counties, mediation is mandatory and if a case becomes contested, the parties are ordered to attend mediation prior to scheduling a trial. In some instances, however, even…
What is this Special Assessment?
Many Colorado communities are facing the need to impose special assessments as a result of recent wind and hail events in the state. Special assessments may be imposed in circumstances where the association lacks cash on hand to pay for a large or unexpected expense. Such assessments have become increasingly common due to changes in…
Warehouse Lecture Series: Money Matters
Winzenburg, Leff, Purvis and Payne, LLP is pleased to announce the next session of our Warehouse Lecture Series. Register today for the November 30, 2018 classes!
The Series comprises regular half-day sessions, providing four hours of DORA-approved Community Association Manager Continuing Education credits. We are separately seeking CMCA approval for the classes from CAM-ICB.
The…
2018 Assessments – Annual Reminder!
Is your association increasing, or even decreasing, its annual assessment fees for 2018? If so, it is important that the association follow its governing documents when providing notice of the change to all owners. In addition to providing owners with proper notice of any change, the association should also notify its attorney. This will help…
The Importance of Monitoring Foreclosure Sales
As many of you know, the association is entitled to collect a super lien payment from a foreclosing lender when a property enters into public trustee foreclosure. The super lien amount consists of up to six months of regular assessment charges that came due prior to the filing of the foreclosure. This is a monetary threshold rather than a requirement that there be six months of unpaid assessments due. For example, if an association had monthly dues of $100.00, a super lien could be claimed for $600.00 so long as the account ledger showed this balance as due. The balance could be comprised of any combination of assessments, late charges, interest, legal fees or other charges.
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2017 Assessments
Is your association increasing, or even decreasing, its annual assessment fees for 2017? If so, it is important that the association follow its governing documents when providing notice of the change to all owners. In addition to providing owners with proper notice of any change, the association should also notify its attorney. This will help to ensure…
You Think Your Association Dues Are High?
According to the Denver Post, former Denver Broncos head coach Mike Shanahan is selling his home in Cherry Hills Village for $22 million. While the home is definitely stunning, the monthly assessments are listed at $8,814.00 a month – which adds up to more than $105,000.00 a year! It’s not clear what exactly the…
2016 Assessments
Has your association increased, or even decreased, its annual assessment fees for 2016? If so, it is important that the association follow its governing documents when providing notice of the change to all owners. In addition to providing owners with proper notice of any change, the association should also notify its attorney. This will help to ensure …
How about those $900 monthly HOA Fees?!
Do you think that you have a struggle convincing your homeowners that a small raise in homeowner association assessment fees is beneficial for the community? You should be very thankful that you do not manage or serve on the board of an association in the Palm Springs, California area where monthly assessment fees can run as high as $900 per month. While that amount is not uncommon in some condominium associations, in a homeowners association? Gasp! Although the assessments may cover such ‘country club’ amenities such as golf courses, gated entrances and lush landscaping in a dry climate, can you imagine trying to convince homeowners that those fees are reasonable and necessary?