Presented by Haus Financial Services, LLC - Elevating Small Condo Management.
Presented by Haus Financial Services, LLC - Elevating Small Condo Management.
The new chill in the air (and the fact that our boiler kicked on last night) reminded me that it's time for our annual boiler servicing. If your building has a common heating system for your residents, you should schedule a service call to ensure that the system is working efficiently and to take care of any needed maintenance. Minimum heating requirements in Chicago go into effect today.
The IL Condo Act requires that association boards meet a minimum of four times annually. With budget season approaching, now is a good time to schedule a board meeting to discuss any upcoming items that will affect your 2012 budget. Be sure to give proper notice to all owners (email doesn't count!) and take appropriate minutes. You can find a guide to conducting a meeting here on the Resource Website.
Recently, two of our clients attempted to move their waste removal services to different providers. In the process, they discovered that they were bound to a service contract with the current provider that could not be terminated. The original contract was many years old, but according to the terms, it was set to automatically renew for a specified length of time unless written notice was delivered to the provider.
We've encountered this issue with other vendors as well. Be sure to read the fine print on any service contract and make a note of any automatic renewals. You could be legally bound to a contract with a vendor you want to part ways with unless the proper notice is given in a timely manner.
A new modification program by Ocwen Financial Corp. is being rolled out in Illinois and 32 others states. The program aims to reduce the principal owed on mortgages for underwater homeowners. Read the full article here...