19 Apr HOA News: April 2017
Q: A board member also owns several properties elsewhere. A homeowners association vendor told me that this director demands, and gets, “discounts” from the vendor for work done on the director’s other properties. This is certainly ethically questionable as I perceive it to be a kickback. Is it illegal?
Q: I recently received a letter from our management company saying that all owners who rent out their units must submit a copy of the agreement to the management company. The letter also says each time a renter moves out and a new renter moves in, the owner of that unit will be charged a $100 fee. Are they entitled to a copy of my rental agreement? What is the basis they can charge a fee for a renter moving out and a new tenant moving in when there is no expense created to the association?
Looking for a new home? Be sure to do your research before joining a HOA-managed community. Walters President Joe Farinelli recently shared his 30 years of management experience with UT San Diego. Here’s what he believes are the biggest pros and cons of joining a HOA:
San Diego HOA News
The average for a 30-year fixed-rate mortgage was 3.59 percent on Nov. 7. It started to climb after the election, hitting 4.32 percent on Dec. 29. In some good news for potential buyers, the average rate had dropped to 4.04 percent by Monday, said Mortgage News Daily.
The emergency-related provisions of Civil Code Sections 4735 and 4736 were not removed from the law. Instead, they are presently inactive. The next time a state drought emergency is declared, the laws will again apply to California homeowners associations.
Many homeowners could not afford to buy the house they currently live in, because home prices in San Diego are simply too high. The average San Diegan needs to make at least $103,165 a year to afford a median priced home and a 2014 Census report indicates that San Diego County per capita income is $51,459.
One of the most common issues that a Condo Board member faces is resolving Condo Association disputes. As a Board member, you are a combination of a legislator and an executive, so your job is often the role of mediator, judge, and sometimes executioner.
The importance of Condo Association good will often goes unnoticed and unappreciated, much to the detriment of communities.