Mark your calendars! Winzenburg, Leff, Purvis & Payne, LLP is pleased to announce the Warehouse Lecture Series. On May 4, 2017, May 11, 2017, and June 16, 2017, WLPP will hold classes designed to help managers obtain credits they may need to complete their DORA Continuing Education requirements, as well as to help Board members better understand community association governance and operations. The May 4 and June 16 classes will be held at our offices in Ken-Caryl. Our class on May 11 will be held in Aspen.
All the media and legislative talk of construction defect litigation and its impact on condominium construction in Colorado may seem like discussion that does not impact existing communities. But the changes to state and local laws concerning construction defect litigation do affect existing communities by creating owner notice and vote requirements that, in some cases, apply to construction undertaken by associations long after initial development of their communities. The impact of these requirements on communities will likely play out over time as defects occur and associations seek remedies.
While associations cannot unilaterally change the controlling laws, associations can take proactive steps when contracting for new projects. In particular, associations need to know how the potential for construction defects may affect insurance coverage on projects that associations contract to complete on their own. Did you know that many contractors’ insurance policies exclude multi-family housing projects from coverage?
The 2017 legislative session opens today in Colorado! For those of you who are political junkies, following the recent elections, here is what you need to know about the makeup of the Colorado House and Senate:
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.
Be thankful that you don’t already have everything you desire. If you did, what would there be to look forward to?
Be thankful when you don’t know something, for it gives you the opportunity to learn.
Be thankful for the difficult times. During those times, you grow.
Be thankful for your limitations, because they give you opportunities for improvement.
Be thankful for each new challenge, because it will build your strength and character.
Be thankful for your mistakes. They will teach you valuable lessons.
Be thankful when you’re tired and weary, because it means you’ve made a difference.
It’s easy to be thankful for the good things. A life of rich fulfillment comes to those who are also thankful for the setbacks.
Gratitude can turn a negative into a positive. Find a way to be thankful for your troubles, and they can become your blessings.
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 that any accounts and/or payment plans that are with the attorney for collection are properly noted, and any increase is accurately accounted for and collected.
In addition to payment plans that may be affected by the increase of assessment fees, there are also notification requirements and deadlines the association must comply with for certain owners who have filed for bankruptcy. Advising the association’s attorney of any change will allow the attorney to take the proper measures to ensure that the association retains the right to collect the new assessment fee.
If you haven’t already notified your attorney that your assessment fees have changed, or will change, for the New Year, pick up the phone or send an email to your attorney – I’m sure he or she would love to hear from you!