The Corporate Transparency Act (the “CTA”) was passed in 2021 to safeguard national security and the U.S. financial system by helping to detect and report suspicious activity related to money laundering and terrorist financing. Continue reading “The Corporate Transparency Act”
Category: Boards
SPECIAL MEETINGS
What are they? Who can call them, and why?
A Special Meeting is any meeting called for by the Board or the Homeowners for a specific purpose.
Spring Clean Up: Are Your Community’s Amenities Risk-Ready for the Season?
Pool openings. Tee times. Court reservations. Dock moorings. Playground use. These are just some of the recreational activities offered by community associations, especially on Long Island. Continue reading “Spring Clean Up: Are Your Community’s Amenities Risk-Ready for the Season?”
Can’t We Simply Update the Rules?
Change to Rules and Regulations won’t do. The Court makes it clear: Changing the permitted use of a home must be effectuated by amending the Declaration and/or By-Laws
HURRY UP – YOU MOVE TOO SLOW!
By Edward M. Taylor, Esq.
Picture this: A condominium building experiences water leaks from a rooftop and drainage system in need of repair.
The Board of Managers takes steps to address the issue by hiring a contractor and commencing repairs, but the Board runs out of funding for the project prior to completion and the work is halted midstream. The Board then struggles with the best way to gather sufficient funds and the project languishes. In the meantime, unit owners continue to suffer from water leaks in their apartments.
Associate Attorneys Present Case Update and Anecdotes to Suffolk County Bar Association
Recently, Taylor, Eldridge & Endres Associate Attorneys, Melissa Schlactus and Beth Gazes, spoke to members and colleagues of the Suffolk County Bar Association.
Recently, Taylor, Eldridge & Endres Associate Attorneys, Melissa Schlactus and Beth Gazes, spoke to members and colleagues of the Suffolk County Bar Association presenting recent case law and anecdotes about neighbor-against-neighbor disputes, an issue that most association Boards and landlords face from time to time (or perhaps – unfortunately – frequently). The purpose of the lecture was to discuss whether and how the Board or landlord should respond or intervene in neighbors’ disputes.
Short Term Rental Restrictions: The Power of Your Declaration and By-Laws
As summer approaches, Boards may see a rise in short-term rentals in their communities
For those communities whose Declaration or By-Laws restrict leasing to some degree, the question becomes whether the Board can and should enforce these restrictive provisions. One case is illustrative, proving that a community may prevail in an action against a home owner for illegal rentals. Continue reading “Short Term Rental Restrictions: The Power of Your Declaration and By-Laws”
A RIGHT TO PRIVACY FALLS BY THE WAYSIDE
A co-op shareholder makes a request
A co-op shareholder, seeking to run for a position on the Board of Directors, requests the Board and its managing agent a list of the names and addresses of the corporation’s shareholders. His stated purpose for the list is to enable him to contact the shareholders and seek their support for his campaign.
WHAT COMMUNITY ASSOCIATION BOARDS CAN LEARN FROM THE PASSOVER HAGGADAH
A thousand-year-old story finds new relevance when applied to a modern-day community
Recently, Jews around the world celebrated the holiday of Passover with what is known as a “seder” – a ritual feast. A central activity of the seder (besides the festive meal) is the reading of a relatively short text known as the Haggadah, written about a thousand years ago, which tells the story of the Jewish people’s exodus from Egypt approximately 3,000 years ago. A well-known passage toward the beginning of the Haggadah posits a family with four sons – a wise son, an evil son, a simple son, and a son who does not know how to ask a question – and then proceeds to suggest how to relate the story of the exodus from Egypt to each one of those sons. Continue reading “WHAT COMMUNITY ASSOCIATION BOARDS CAN LEARN FROM THE PASSOVER HAGGADAH”
PREPARING FOR THE IMPACT OF NEW FANNIE MAE AND FREDDIE MAC REGULATIONS
The tragic collapse of the Champlain South Tower in Surfside, Florida has led to a series of new requirements that impact all Fannie Mae and Freddie Mac loans for the purchase of units in community associations that have five or more attached units
Citing concerns over buildings with aging infrastructure and significant deferred maintenance projects, condominiums, co-ops and homeowners associations will have to provide an extensive review of safety, soundness and structural integrity conditions to determine if a purchase of a unit in a community is eligible for funding. Since Fannie Mae and Freddie Mac acquire a significant majority of residential mortgages, these guidelines will have a significant effect on the sales of units in community associations. Continue reading “PREPARING FOR THE IMPACT OF NEW FANNIE MAE AND FREDDIE MAC REGULATIONS”
