By: Gregg Shivers

If you are considering buying a deed restricted property (one that is in a condominium or homeowner’s association) you should do some investigation before you sign a contract. The seller has a legal right to access all the books and records of the association so they or the realtor can get these documents for you.  If the association has a website, many of the documents are posted there as well.

Here are a few tips.

By Jonathan H. Katz, Esq.

On September 27, 2016, the Federal Housing Administration (FHA) proposed new regulations governing the condominium project approval process. These proposed regulations seek to address issues created by certain onerous requirements of Mortgage Letter 2011-22 as well as to respond to the changing conditions in the condominium market.

The notable proposed regulations include:

• Minimum Owner-Occupancy Requirements – FHA currently requires a minimum of fifty (50) percent of the units occupied by owners. FHA is specifically inviting comment on this issue and is proposing to establish an allowable range of owner-occupancy between twenty-five (25) and seventy-five (75) percent. The range would allow FHA to choose a specific percentage that is responsive to future market changes.

Hill Wallack LLP‘s Community Association Practice Group will be exhibiting at the 2015 New Jersey Cooperator’s Condo, HOA and Co-op Expo on Saturday, May 9, 2015, 10:00 a.m. to 4:30 p.m., at the Meadowlands Exposition Center in Secaucus, New Jersey.

Join board members, property managers, building owners and real estate professionals and meet building service companies, attend educational seminars and get your questions answered by a member of our team at Booth 600.

For more information or to register to attend, click here!

By Ronald L. Perl, Esq.

On Friday, August 29, 2014, the Federal Housing Administration (FHA) issued Mortgagee Letter 2014-17, which extends the temporary condominium project approval guidelines issued in 2011 for two additional years (until August 31, 2016). The purpose of the extension is to allow the FHA to issue formal rules to replace these temporary guidelines. Many industry representatives, including the Community Associations Institute (CAI) and Hill Wallack LLP, have criticized the FHA for creating standards for project approval by issuing “guidelines” rather than going through a formal rule-making process, which would allow public comment prior to finalization of the rules. This formal rule making process, which is consistent with the Federal Administrative Procedures Act, will finally allow interested parties to participate in the creation of the permanent FHA standards.

To review the complete FHA’s Mortgagee Letter 2014-17, click here.

For more information on this or any other issue concerning your community association, please contact one of our Community Associations attorneys. For breaking news or updates on new blog posts, follow us on Twitter at: @njcondolaw.

Hill Wallack LLP‘s Community Association Practice Group will be exhibiting at the 2014 New Jersey Cooperator’s Condo, HOA and Co-op Expo on Wednesday, May 7, 2013, 10:00 a.m. to 4:30 p.m., at the Meadowlands Exposition Center in Secaucus, New Jersey. Join board members, property managers, building owners and real estate professionals and meet building service companies, attend educational seminars and get your questions answered by a member of our team.

Hill Wallack LLP Partner Caroline Record, Esq. is among the featured panelists of experts at the Educational Seminar titled “Breaking Bad – The Insiders Guide to By-Laws & Rules.” This seminar will discuss how by-laws and rules are the keys to maintaining a harmonious community, provided that they are reasonable and properly enforced. The panel will discuss the keys to drafting, enacting and enforcing by-laws and house rules. Topics to be explored include when to change by-laws/rules; the proper and legal method of changing them; the role of your association’s attorney; how your governing documents affect by-laws/rules, and much more.

For more information or to register to attend, click here!