With the exception of vacation condominiums or condominium hotels, residential condominiums are created with the intention that the co-owners will be owner occupants. However, the glut of foreclosures that occurred from 2007 to 2012 led many investors to purchase condominium units for rental purposes. Moreover, the recovery of the housing market has also led many co-owners to move and rent […]Read more
MCL 559.157 – Has your Michigan Condominium Association had its books, records and financial statements reviewed by a Certified Public Accountant?
The Michigan Condominium Act was amended in 2014 to impose additional requirements on condominium associations with respect to financial record keeping and encourage transparency. Prior to 2014, the annual audit or review of an association’s books, records and financial statements did not need to be certified. After MCL 559.157 was passed, and became effective in 2014, a condominium association with […]Read more
The Future is Now: Is Your Condominium Association Prepared to Handle these 6 Technological Advances?
The last significant revisions to the Michigan Condominium Act took place in 2001 and 2002. While many Michigan condominium associations have amended their governing documents to address the 2001 and 2002 amendments to the Michigan Condominium Act, those amendments often fail to account for the numerous, recent technological advances which have arisen after those revisions. When amending condominium documents, associations […]Read more
A Board of Directors' Guide to Resolving Common Element Construction Defects in a Michigan Condominium
Michigan condominium associations are responsible for the maintenance and repair of the general common elements. While many condominium associations budget for repairs and maintenance of the common elements over an extended period of time, most associations are unprepared to address common element construction defects caused by a developer’s inadequate design, use of defective or substandard materials, insufficient site testing or […]Read more