News about properties and real estate
Be wary of buying into homeowner association It has always been wise to take extra care when buying a house or apartment in a community governed by its owners. But nowadays, with so many people behind on their mortgage payments, even a fire-sale price from a desperate seller could quickly lose its luster if too …
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Buying a condominium requires research Condos are a popular choice for first-time buyers as well as homeowners who want to downsize because they tend to be less expensive than single-family residences. Also, they usually require less maintenance. Condominium owners belong to a homeowners association that collects dues, usually on a monthly basis, to pay the …
Four years after Hurricane Wilma battered South Florida, some homeowners are still dealing with claims [South Florida] Marta Ayala’s colorful artwork is showcased throughout her immaculate Parkland home. Every room also features vivid reminders of 2005’s Hurricane Wilma: cracking paint and yellow water drip marks, some as long as 10 feet. Weeks after the storm, …
Some deadbeat landlords must forfeit rents to condo associations Each month, Judd Tyler, the president of his townhome association, discovers his community doesn’t have enough money to pay all of its bills. So the townhome board took action. It is among the first in the area to obtain a court order to force delinquent landlords …
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Board’s use of reserve funds results in fine for the owners Q: Our board willfully used funds from the reserve account without unit owner approval for other purposes. The state imposed a fine on the association and not the board. Who is responsible for such action? R.E., Miami A: The fine will be paid from …
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One seller ploy first-time buyers should avoid Here’s a tactic that was used on me as a first-time home buyer: The seller is asked to pay an amount into a fund, and told he can recoup that payment by raising his selling price, which would then be paid by an unsuspecting buyer. I didn’t understand …
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