Introduction In a significant shift towards transparency, Fannie Mae, the Federal National Mortgage Association, has recently announced that it will make its once-secret “Condo Unavailable Projects and Phases Report” accessible to the public. The decision to make this report publicly available reflects a broader industry trend towards transparency, acknowledging the pivotal role that information plays in empowering consumers and fostering…
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‘Tis the season to stow away the skeletons, pumpkins, and witches, and usher in the festive spirit with twinkling lights, wreaths, and snowmen. As the allure of multicolored lights and decorations brightens the early darkness, residents of condominium associations need to align their festive expressions with community rules. For association boards and property managers, enforcing rules and regulations requires a…
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In Michigan, the responsibility for attorney fees and costs in litigation typically lies with the parties involved. Following the ‘American rule,’ attorney fees are not recoverable unless expressly allowed by statute, court rule, common-law exception, or contract. Dessart v. Burak, 470 Mich. 37, 42, 678 N.W.2d 615 (2004); Grace v. Grace, 253 Mich.App. 357, 370–371, 655 N.W.2d 595 (2002),” Reed…
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In an effort to strengthen the financial stability of condominium associations in Michigan, the state legislature has introduced a bill to amend the Condominium Act of 1978. This amendment, specifically targeting section 105 (MCL 559.205), aims to enhance the financial accountability and security of condo associations across the state. The Necessity for the Amendment The proposed amendment comes as a…
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The 2021 Michigan Community Association Fact Book (the “Fact Book”) compiled by the Foundation for Association Research estimates that from July 1, 2019, to July 1, 2021 the Michigan population aged 65 and over residing in Community Associations increased from 17.7% to 18.1%. These percentages exceeded the national average for Community Association residents aged 65 and over by 1.2% in…
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Preparing an annual budget is essential for the financial stability of community associations. However, not all associations know how to effectively create an association budget. To help you with this task, here are some guidelines that will make preparing your budget a straightforward process: Create a Budgeting Committee: While it’s the board’s responsibility to create the budget, assembling a committee…
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