Washington law contains numerous provisions containing restrictions and requirements on COAs and HOAs. In many cases, however, the law contains a minimum requirement only and defers to the more specific provisions of the governing documents. For a primer on governing documents and their interplay with the law, please read our Governing Documents post. The law…
Tag Archive: condo association
Adopting a Budget
Many condominium and homeowners’ associations are preparing their annual budgets this time of year. Association members, as well as the association’s board of directors, need to be aware of the laws applicable to community association budgets. A budget is an estimate of the future financial needs of the association. A budget needs to provide for…
Bank of America Foreclosures in Washington State
For many months, we’ve seen that Bank of America foreclosures have been completely stalled. There are a number of reasons for this, not the least of which is the fact that BOA took over a multitude of sub-prime loans when Countrywide went belly-up. More recently, however, the company BOA used (Recontrust) to conduct its foreclosure…
Reserve Study Law Changes
Effective January 1, 2012, changes in Washington’s reserve study laws will go into effect. These changes, among other things, affect the content of reserve studies, add reserve study reporting requirements to the budget summary associations must provide to owners, and extend reserve study requirements to HOAs with “significant assets.” Over the next few weeks, we…
Tag Archive: condo association
What’s in Your Governing Documents?
Washington law contains numerous provisions containing restrictions and requirements on COAs and HOAs. In many cases, however, the law contains a minimum requirement only and defers to the more specific provisions of the governing documents. For a primer on governing documents and their interplay with the law, please read our Governing Documents post. The law…
Adopting a Budget
Many condominium and homeowners’ associations are preparing their annual budgets this time of year. Association members, as well as the association’s board of directors, need to be aware of the laws applicable to community association budgets. A budget is an estimate of the future financial needs of the association. A budget needs to provide for…
Bank of America Foreclosures in Washington State
For many months, we’ve seen that Bank of America foreclosures have been completely stalled. There are a number of reasons for this, not the least of which is the fact that BOA took over a multitude of sub-prime loans when Countrywide went belly-up. More recently, however, the company BOA used (Recontrust) to conduct its foreclosure…
Reserve Study Law Changes
Effective January 1, 2012, changes in Washington’s reserve study laws will go into effect. These changes, among other things, affect the content of reserve studies, add reserve study reporting requirements to the budget summary associations must provide to owners, and extend reserve study requirements to HOAs with “significant assets.” Over the next few weeks, we…