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Author Archives: Brian P. McLean
Resale Certificates and Significant Assets
Significant Assets and Resale Certificates, by Brian McLean Perfect legislation is aspirational but impossible. The meaning of words change over time. Social customs and values change. These are not novel concepts. In the newly revised Washington State reserve study legislation … Continue reading
Posted in Finance, Legislation
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Resale Certificates and the Price of Disclosure
Resale Certificates and the Price of Disclosure The State Legislature has updated RCW 64.34.425(2). As of July 22, 2011, a reasonable charge for the preparation of a resale certificate may not exceed $275. The former cap, established in 1990, was … Continue reading
Posted in Legislation
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Reserve Accounts and Studies — New Law, Old Problem
Reserve Accounts and Studies — New Law, Old Problem You can pay now or someone else will pay later. That used to be the law in Washington State. No longer. Washington State Governor Christine Gregoire signed into law new legislation … Continue reading
Posted in Finance, Legislation
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FHA Condominium Project Approval – Status
Thank you Andrew Fortin, CAI (quoted in full): Today, FHA announced a revised schedule for condominium project approval expirations and urged all condominium communities wishing to retain FHA approval to complete the recertification process. CAI strongly encourages all condominium communities … Continue reading
Posted in Finance, General
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Businesses and Daycares
I am often asked whether the operation of a daycare in an HOA breaches a restrictive covenant that forbids the operation of a business in a residential home. The answer is, it depends. Quote of the Day: “Operate more like … Continue reading
Posted in Restrictions and Rules
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Administrative Posting
A number of users have subscribed to this blog, and I appreciate the support and comments. Because of an increasing number of spambot registrations, I’ve increased security on the registration page and deleted dozens of what appear to be spam … Continue reading
Posted in Uncategorized
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Hot Roofs, Cool Roofs, and a New Moon
Shingle roofs or composite roofs? Cool roofs or hot roofs? Gryffindor or Slytherin? To be or not to be? Continue reading
Posted in Legislation, Restrictions and Rules
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What is a Reserve Study?
Sound long-term financial planning can make the difference between thriving or becoming a neighborhood paperweight. Continue reading
Greedy HOAs Foreclose for Profit? Come On
Homeowner associations are not greedy because they conduct nonjudicial foreclosures for nonpayment of assessments. In the real world, not the journalistic world where loss of ownership is equated with homelessness, the remaining owners, some of whom are on fixed incomes and have budgeted carefully their whole lives, often empty their bank accounts in an effort to keep the association on life support. When the pool of paying owners gets smaller, the remaining owners drown. Continue reading
Posted in Finance
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Videorecording Meetings
In Washington State, owner associations are still private organizations. As such, they are not subject to public open meeting laws of the State. Continue reading