Kevin Hirzel’s presentation “Construction Defect Resolution – Appropriate steps a post-transition control board of directors should take with respect to discovering and resolving construction defects” will be in the Pearl Room from 1:00pm to 1:45pm. Event:CAI Annual Conference & Expo Start:March 13, 2015 8:30 am End:March 13, 2015 4:30 pm Organizer:CAI MI Phone:734-9531-2084 Email:[email protected] Venue: Suburban Show Place Address: 46100 […]Read more
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
Six Major Revisions to the Michigan Nonprofit Corporation Act: Should your Condominium Association Revise its Articles of Incorporation and Bylaws?
In Michigan, two primary statutes govern the affairs of a condominium association: the Condominium Act and the Nonprofit Corporation Act. The last major revisions to the Nonprofit Corporation Act took place in 2008 through Public Act 9 of 2008, which permitted voting by electronic means, amongst other things. Effective January 15, 2015, Governor Rick Snyder signed into law Michigan Senate […]Read more
As the housing market continues to slowly recover from the foreclosure crisis in Michigan, and other areas of the country, many community associations are still facing significant challenges with unit owners who file for personal bankruptcy. Numerous unit owners are beginning to utilize an old technique, previously used primarily against second mortgages and other junior liens, against community association liens. […]Read more
The Federal Housing Administration (“FHA”) is a government-owned and operated insurance company which was established by the National Housing Act of 1934. FHA insures home loans for buyers who typically cannot afford a conventional down payment. To be clear, FHA does not lend taxpayer money and is not the originator of mortgage loans. Thus, a ‘FHA backed loan’ provides a […]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