The Surfside condominium collapse led to significant reform in the condominium lending industry. In Lender Letter LL-2021-14, Fannie Mae and Freddie Mac implemented temporary lending guidelines in 2021 for condominium purchasers that desired to secure a mortgage as was previously discussed in Prepare your Condo for the new Fannie Mae and Freddie Mac Lending Requirements. At the request of FHFA,…
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Since 2004, the Michigan Court of Appeals has repeatedly determined that short-term rentals within Michigan communities that are subject to residential, business, and commercial restrictions are prohibited because they are commercial activities that are inconsistent with residential use. Notwithstanding this clear and consistent judicial record, property owners in communities with residential, business, and commercial restrictions who want to engage in…
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Whether there is an increase in violent crime or an increase in reporting and coverage of crime, it seems that our lives are constantly being inundated and interrupted with reports of violent activities. Your home is your castle, your safe space. But imagine the worst-case scenario where a crime occurs and that sense of safety is lost. After dealing with…
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It is common for a condominium association’s master deed and bylaws or a homeowners association’s declaration to address compensating board members. Usually, such a provision will either expressly disallow any compensation or only allow compensation if approved by a specified percentage of the community association’s members. Apart from the general notion that board members should be made up of volunteers…
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Ownership and use of common areas in platted subdivisions is one of the more complicated areas of real estate law and has been the subject of conflicting caselaw in the State of Michigan. In Otto v Batdorfer, unpublished per curiam opinion of the Court of Appeals, issued February 17, 2022 (Docket No. 355936), the Michigan Court of Appeals analyzed this…
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FEMA is a federal program that assists homeowners and municipalities with recovering from disasters. FEMA funds are available for restoration of a single family home in the event of a disaster when insurance proceeds are exhausted or the damage was not insured. FEMA funds may be used for roof repair, HVAC repair, electrical box repair, entry and egress restoration, etc.…
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