Condo Living Made Easy

Presented by Haus Financial Services, LLC - Elevating Small Condo Management.

Condo Living Made Easy

Presented by Haus Financial Services, LLC - Elevating Small Condo Management.

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Category: What We're Thinking About Lately...

In response to the collapse of the Champlain South Tower in Surfside, Florida, Fannie Mae recently tightened its eligibility requirements for mortgages on condominium units.

Eligibility may now be denied in associations with structural issues, significant deferred maintenance, and/or unsafe conditions. 

In order to determine eligibility, Fannie Mae has supplemented its HOA Questionnaire form to include questions about these matters. 

Learn more about the questions and requirements, here. 

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Category: What We're Thinking About Lately...

Amid the hustle and bustle of the holiday season, we at ChicagoCondoResource.com and Haus Financial Services, LLC hope that you find time to put aside your condo concerns and focus on family and friends.

This is also a great time to reflect on the challenges of 2021 and to set goals for the New Year. With the pandemic not yet behind us, we're all finding we can use a bit more support in our day to day responsibilities. Haus Financial Services is dedicated to taking the pressure off of small condo boards so that you can spend more time on your personal priorities. 

This year, give yourself the gift of management support with HausFS so you can manage successfully (and with less stress) in 2022! Schedule your Prospect Call here to learn more about how we can help.

Happiest of Holidays from ChicagoCondoResource.com and HausFS!

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Category: What We're Thinking About Lately...

It is now easier than ever to properly recycle your old electronics. 

Through the end of the year, Chicago is hosting dozens of drop-off recycing events across the city. 

Accepted items include:

  • Cell phones
  • Computers
  • Video Game Consoles
  • Computer Monitors
  • Portable Digital Music Players
  • TVs
  • Digital Converter Boxes
  • Printers, fax machines, and scanners
  • Cable and satellite receviers
  • Keyboards and mice
  • Small scale servers
  • VCRS, DVD players, and DVD recorders

Learn more information and find the best location for you, here. 

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Category: What We're Thinking About Lately...

Keough & Moody put together an awesome renditon of the Twelve Days of Christmas for Community Associations that is certain to bring you some holiday cheer. 

On the first day of community association Christmas, my community received a professional community association manager. 
A community association manager is tasked with handling the day-to-day operations of a community and helping to carry out the direction of the Board. Make sure to thank your community association manager this holiday season.
 
On the second day of community association Christmas, my community received two document requests. 
Under Illinois law, owners are entitled to inspect certain documentation of the association. Any time an owner seeks to review or obtain copies of association documentation, it is important that a response be prioritized.
 
On the third day of community association Christmas, my community received three owners in violation of the Rules and Regulations.
Now is the ideal time to review the Association’s Rules and Regulations in order to determine whether updates are warranted. It is important that they are consistent with the terms of your association’s governing documents, clear and concise, and reasonable.   
 
On the fourth day of community association Christmas, my community received four delinquent owners. 
Even though it is the holiday season, Boards still have the obligation to collect assessments. Having a collection policy for your association helps ensure that there is a procedure in place for the collection of delinquent assessments and that the process treats all owners equally.
 
On the fifth day of community association Christmas, my community received five engaged Board members. 
By having engaged, prepared Board members, communities can be sure that their Board is leading them to smoother waters. 
 
On the sixth day of community association Christmas, my community received six 22.1 disclosure requests. 
With real estate transfers, associations are required to disclose certain information to prospective buyers, including any pending litigation or any anticipated capital expenditures.
 
On the seventh day of community association Christmas, my community received seven contracts for 2022. 
Now is the time to start planning major projects for the New Year. There continues to be a labor and material shortage; therefore, it is important to plan now to make sure your 2022 projects happen in 2022. 
 
On the eighth day of community association Christmas, my community received eight unkind Facebook posts. 
Certainly, there may be times where an owner’s social media post may be defamatory or harassing. However, the vast majority of times, the unkind social media posts are simply venting by an owner who is unhappy about a violation notice, assessment increase, or other action (or inaction) by the association. The best response to those social media responses is often a non-response and to not take anything said, personally. 
 
On the ninth day of community association Christmas, my community received nine owner leases. 
Owners are required by law to provide the association with copies of their leases and there are harsh penalties that the association can pursue for those owners who fail to comply.
 
On the tenth day of community association Christmas, my community received ten ballots for the annual election.
If COVID has taught us anything, it has taught us that there is a better way to conduct annual elections – either by mail-in ballot or electronic voting.Adopting one of these processes allow owners to easily cast a ballot in the annual election and helps encourage participation. 
 
On the eleventh day of community association Christmas, my community received eleven certificates of owner insurance. 
If your community is a condominium or other attached home community, you want to ensure that you have appropriate Rules and Regulations in place governing insurance and requiring that owners submit a certificate of insurance to the association (or its managing agent) at least once a year.
 
On the twelfth day of community association Christmas, my community received twelve compliments regarding its curb appeal and its financial status. 
Board members, community association managers, and their team spend a lot of time helping make sure that the associations under their purview are properly maintained, look attractive, and that there are appropriate funds in the bank to pay for all of the maintenance and improvements, both now and in the future. While you may not always hear (or remember) the compliments, know that your efforts are appreciated.  
  1. New Condo Safety Public Policy Report
  2. Thank You, Condo Board Members!
  3. Establishing a Code of Ethics for Your Condo
  4. Have You Prepared and Distributed Your 2022 Budget?

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"Ask the Expert"

Is collection action voted on in an open meeting?

Q. Our board is wondering, in light of the Palm II ruling, if a condo board must vote in an open meeting to take collection action against a unit.

Does the Palm II Ruling Apply to Condo Committees?

Q. I'm part of an architectural review committee, which is one of two committees founded by our covenant documents. I'm wondering if the Palm II decision applies to all parts of the HOA structure or just to the actual board?

Our association would like to update its Bylaws. Is a template available?

Q. Could you point me in the direction of the Bylaws template for small Chicago condo associations? Our building is using the original from the 1960’s or something like that, and I would like to propose a revamp. 

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