Homeowners' Associations (HOAs) maintain high community standards and property values. But when eminent domain happens, everyone faces unique challenges. Balancing your property rights with community interests becomes tricky. The HOAs must also handle legal details...
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HOA insurance gaps: Understanding your coverage alignment
Has your HOA reviewed its insurance policies lately? Many associations learn about coverage gaps between their primary and excess policies only after facing costly claims. Understanding these potential gaps is crucial for protecting your community's financial...
Tackling financial mismanagement and contract issues in HOAs
As an HOA board member, you are vital to keeping your community's finances healthy and honest. Dealing with financial problems and contract irregularities is crucial to keep things transparent and build trust among homeowners. Here is how you can handle these issues...
How HOAs can handle a noncompliant homeowner
Homeowner’s associations are in charge of enforcing the rules of the community to maintain its appearance, property values and, of course, peace between all homeowners. But what do you do when someone refuses to comply? A single warning does the trick for homeowners...
Are short-term rentals risky for HOAs?
Imagine coming home from work to find your quiet neighborhood transformed into a bustling hub of unfamiliar faces and suitcases. This scenario is becoming common as short-term rentals continue to gain popularity. For Homeowners Associations (HOAs), this trend presents...
Understanding HOA insurance: Condos vs. single-family homes
Condos and single-family homes within HOAs have distinct insurance needs, creating unique challenges for each type of community. Understanding these differences is essential for HOA board members, property managers and homeowners alike. The key difference The type of...
The first 24 hours are crucial after an HOA incident
HOA incidents can strike at any time. Maybe someone tripped and fell in the clubhouse parking lot, or perhaps a resident reported a fire in their unit. When accidents occur, you must act quickly and decisively. The first 24 hours after these stressful situations can...
Why does employment classification matter to an HOA?
Accurate worker classification is a crucial matter for any business. Employment classification dictates whether the business needs to withhold taxes, pay unemployment tax and more. Homeowner associations (HOAs) are nonprofit corporations. This means that HOAs are...
Acquiring a foreclosed property due to an assessment lien
Depending on the state of the property, acquiring it due to an assessment lien may be a better investment for the HOA than convincing the original owner to settle their dues, especially if the property forecloses. How does a property acquire assessment liens? Many...
How can assessment liens protect HOAs?
Preserving property values as a community takes work and financial responsibility. Keeping shared spaces clean, safe and enjoyable requires routine expenses. Homeowner associations (HOAs) collect dues and assessments to cover those running costs. When a homeowner...