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Suspended Homeowner Associations
A suspended homeowner association means trouble. Suspension of an association’s corporate status is very serious. See: Has Your HOA Been Suspended?
Read MoreRejection of Home Loan Applications
With interest rates rising and home values declining, an increased percentage of home loan applications are being declined. If you are considering a real estate acquisition or refinance, see: Why Do Mortgage Lenders Reject Home Loan Applications?
Read MoreTen Percent Reserve Contribution Required
Homeowner associations are required to contribute a minimum of 10% of their assessment budget into their reserve account in order to satisfy the requirements of Fannie Mae. Failure to do so could prohibit an owner form refinancing or selling their condominium. See: Calculating Minimum Reserve Contributions.
Read MoreLoans to Homeowner Associations
When homeowner associations accumulate reserves that are inadequate to make important repairs and replacements, borrowing money from a commercial a bank or other source may be preferred to large special assessments. Assisting associations in applying for such loans and providing prospective lenders with all of the financial information and documents they will require is not…
Read MoreDeposits to Contractors – Front Loading
The law that limits the down payment to a contractor to 10% or $1,000 whichever is less applies only to home improvement contracts. Home improvement contracts are contracts for the improvement of one’s home. Therefore, condominium buildings, apartment buildings, and commercial buildings are not subject to the 10% or $1,000 whichever is less limitation. Notwithstanding,…
Read MoreMaintenance and Repairs
Homeowners are reminded to use the Maintenance Request form on this website to report any matter where the repair is the association’s responsibility. Please provide as much detail as possible and be certain to report any situation where there is water intrusion as soon as possible.
Read MoreBecome Trained as an Inspector of Elections
If Coast Management of California is managing your HOA, we can provide the training required so that one of your members can provide inspector of elections services.
Read MoreSecondhand Smoke
Secondhand smoke problems can best be addressed by associations with an amendment to their CC&Rs. The next best way is by creating an appropriate operating rule. In either case, appropriate fines must be established in order to discourage the creation of a nuisance that can lead to litigation.
Read MoreNew HOA Management Client
Coast Management of California is pleased to announce that we have been hired to manage a 28-unit condominium association in Inglewood, California.
Read MoreResponding to Our Blogs
If you would like to respond to any of our blogs, please contact us by email. We will promptly respond.
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