The Role and Importance of the Reserve Study in Determining an Appropriate Reserve Fund

Matthew W. Heron, Esq. Introduction A well-run condominium can be thought of as having two components: (1) physical assets, which are the buildings, structures, and grounds on which the condominium is located; and (2) financial assets, which are the funds necessary to maintain the condominium’s physical assets. So long as the financial assets are adequate to meet the maintenance needs […]

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Transitioning from Developer Control to Nondeveloper Co-owner Control: Five Practical Steps Every Condominium Should Take

Every community association in Michigan undergoes a transition or “turnover” phase whereby the control of the community association changes from developer control to owner control.  In Michigan, the transition process for condominiums is governed by the Condominium Act, MCL 559.110, et al. Unfortunately, homeowner associations are not included in the Condominium Act and are solely governed by the terms in […]

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