As an apartment owner, you automatically become a member of the Homeowners’ Association (HOA). But what does that mean, and how are important decisions about the building made? Understanding the HOA’s decision-making process is key to protecting your investment. How are decisions made? Decisions are made during HOA meetings, where owners vote on matters such…
Deferred maintenance can be a significant issue when selling an apartment. It affects not only the property’s value but also its financing. How can you identify this as an agent, and what advice should you provide? What is deferred maintenance? Deferred maintenance refers to essential repairs or renovations needed for shared parts of a building,…
Sometimes, an apartment is used in a way that doesn’t align with the deed of division—such as a residential unit being rented as office space. What are the consequences, and how can agents handle this? What Does the Deed of Division Say? The deed specifies which parts of the building are common and how private…
A Homeowners’ Association (HOA) plays a vital role in maintaining and managing an apartment complex. But what happens when the HOA is poorly managed? This can significantly affect an apartment’s value. What Is a Poorly Functioning HOA? An HOA is poorly managed if: Effects on Value How Can Agents Address This? Practical Tip A poorly…
Problems within a Homeowners’ Association (HOA), such as financial shortages or conflicts, can delay or complicate the sale of an apartment. By identifying and resolving these issues early, agents can streamline the sales process. Common HOA Issues How to Identify Issues Strategies for Improvement Why Does This Matter? A well-functioning HOA boosts an apartment’s marketability…
When dealing with apartments and HOAs, model regulations often play a key role. These standard rules form the foundation for many declarations of division. But which version applies to your HOA? And what should agents know? What are model regulations? Model regulations, created by notarial organizations, provide standard rules covering: Although standardized, the deed of…
As a real estate agent, you’ll often deal with apartments. But did you know that buying or selling an apartment involves more than just the unit itself? That’s where apartment law comes in. What is apartment law? Apartment law grants the owner the exclusive right to use a specific part of a building, such as…
