Serving as a Board member for your condominium association tends to be a thankless job.  Owners volunteer their time, effort and resources and often aren't recognized for their hard work.  When owners do contact their Board, more often it is to complain or criticize rather than to offer words of gratitude or encouragement.

On behalf of condominium owners everywhere, HausFS and the Chicago Condo Resource would like to say THANK YOU to the individuals who take on the responsibility of serving on their Boards.  Your neighbors may not know how hard you work, but we do.  And we are grateful that you choose to make a positive contribution with your involvement.

Happy holidays!

The law office of Kovitz Shifrin Nesbit has published an article on how FNMA & FHA Guidelines are affecting mortgages for condo units.

Read the article on their website.

Last night I attended a meeting for a prospective client.  The building is only 6 units, but the owners are currently experiencing quite a bit of conflict and there is clearly a lot of tension in the building.  At the bottom of it all, however, it's clear that all of the owners care about their building and have put a lot of effort into maintaining their association.  They simply haven't been handling the business of the association consistently and in a business-like fashion, have been a bit lax on enforcing rules because they are so small, and have had some communication issues.  It's not too late for these owners to get back on track and find a way to live together peaceably.

Otavala Consulting is providing a FREE workshop on Conflict Management this Saturday, December 5th.  I can't emphasize enough how beneficial this workshop is for any Board member or unit owner.  As I told the owners last night, while some small associations feel they can operate more casually, conflict arises as soon as there is more than ONE person involved!  However, it is possible to learn how different individuals approach conflict and, as a result, how to effectively manage conflict in your association.

After a heated budget meeting with a client last night, I'm realizing how important it is for associations to create Rules & Regulations that spell out in non-legalese how their individual association functions.  The Declaration & By-Laws are not easy to read if you've never seen such a document before (or you're not an attorney!).  Boards need a way to better communicate this information to all owners to help everyone understand how a condominium association functions and particularly how their association functions.  They also need to better understand the documents themselves.

I encourage all associations to work with an attorney to help interpret their governing documents and make them more accessible to everyone.  It will cut down on a lot of conflict and get everyone on the same page.

For more information, please contact an attorney.

11/6/09 - President Obama signed into law legislation extending and expanding the $8,000 first-time homebuyer tax credit. 

Under the legislation, homebuyers will qualify for the tax credit until April 30, 2010* (as long as they have entered a binding contract), and have an additional 2 months (until June 30, 2010*) to close the transaction.  Borrower income limits have also been increased to $125,000 for individuals and $225,000 for couples (up from $75,000 and $150,000 respectively under the current program).  The legislation also includes a tax credit not exceeding $6,500 for move up buyers who have owned their current homes for at least 5 years.