Notice Requirements for Florida Statutes Chapters 718, 719 and 720

May 6, 2010

Until the Florida Legislature unifies the laws for community associations, FS Chapters 718 (condominium), 719 (co-operative), and 720 (homeowners); these separate sections will contain different notice requirements for Board Meetings, Member Meetings and Committee Meetings. Many times, notice requirements are confusing to owners, board members and yes, even property managers!

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Insurance Appraisals Required Every 36 Months for Condominium Associations

May 6, 2010

While researching an insurance question for a client, I was led to this section of Chapter 718 of the Florida Statutes. This is a good reminder for all boards of directors to research and determine the last time that your association had an insurance appraisal that determined the “full insurable value” or “replacement cost” of your association property.

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Top 10 Mortgage Modification Scams to be Aware of Now!

May 6, 2010

Mortgage modification scams and fraud is still rampant as some homeowners find themselves falling further behind on their mortgage payments and other debts. In desperation, some will be enticed into taking drastic action, and unfortunately, there are people and firms that will take advantage of the situation and the owner’s circumstances.

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Is Your Community Association “Patching & Praying” or “Reserving for Repairs”?

April 22, 2010

Is “Patch and Pray” a substitute for the line item Reserve for Repairs in your community association’s budget? Many community association budgets are being stretched thin due to lower revenues and rising owner delinquencies. In order to combat this trend, Boards are either borrowing from their reserves to operate, not fully funding their reserves, or not making the necessary repairs and replacements that are deemed to be necessary by either state statute or by their documents.

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Fiduciary This! – 8 Keys to a Relationship of Trust for Board Members

April 22, 2010

As officers and directors of community associations, Florida Statutes, and the association documents require that all Board members have a fiduciary relationship in their positions with and for the unit owners that they represent and serve. What is a fiduciary relationship? A fiduciary relationship simply means a relationship of trust and confidence.

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