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Disclosure Packets and Financial Updates

Posted on May 24, 2010 by Lori Schweller

We received the following question relating to disclosure packets and financial updates: Va. Code § 55-509.9 provides that settlement agents may request escrow instructions from the disclosure packet preparer, who would be the association manager in the case of a professionally managed association. No fee may be charged for escrow instructions, whereas an association manager may charge a $50 fee for a financial update. Settlement agents and other parties involved in the sale of a property (e.g. real estate agents) regularly request written confirmation of outstanding assessments, special assessments, HOA insurance coverage, insurance agent contact information, etc. Since this information is in the disclosure packet already provided, does this information qualify as a “financial update” for which a fee may be charged? Is there a definition of what is included in a settlement agent request that is not subject to a fee and one that is?

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Upcoming Webinar on the Fair Housing Act

Posted on May 11, 2010 by Will Sleeth

On Wednesday, May 19th, LeClairRyan's Community Association Industry Team will be hosting a free webinar entitled "The Fair Housing Act: Keeping your Community Association in Compliance and Out of Court.”

On Wednesday the 19th from noon to 1 P.M. EST, attorneys Liz White and Brian Muse will provide an overview of the Fair Housing Act and how it applies to Community Associations, and offer practical advice for how Associations can avoid fines, penalties, and lawsuits.

If you haven't already registered for this free event, click here to register now.

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The Property Owners' Association Act and the Condo Act: Be Aware of Subtle Differences

Posted on May 4, 2010 by Will Sleeth

If you serve on the board of directors of a property owners’ association or a condominium association, or are a property manager, you need to ensure that you are looking at the correct law – the Property Owners’ Association Act, or the Condominium Act, respectively. Although both acts contain many similar provisions that bear on issues common to both types of associations, on some key issues the provisions of the acts differ, and pose a potential stumbling block to the unwary.

The potential for confusion is especially pronounced among directors in a certain type of association who frequently discuss community association issues with friends who serve as directors of a different type of association (e.g., a director of a property owners’ association discussing issues with a director of a condominium association), as well as property managers who may manage several associations, a few of which may be property owners’ associations, and a few of which may be condominium associations.

For example, § 55.510(F) of the Property Owners’ Association Act provides that a property owners’ association’s “bylaws shall specify an officer or his agent who shall, at least 14 days in advance of any annual or regularly scheduled meeting [of the members]… send to each member notice of the time, place, and purposes of such meeting.”

§ 55.79-75(A) of the Condominium Act, on the other hand, provides that a condominium association’s “bylaws shall specify an officer or his agent who shall, at least 21 days in advance of any annual or regularly scheduled meeting [of the members]… send to each unit owner notice of the time, place, and purposes of such meeting.”

The two acts differ in their provisions relating to a variety of other issues as well, such as proxies (§ 55-79.77 of the Condominium Act contains detailed provisions concerning proxies that are not found in the Property Owners’ Association Act).

The lesson is that board members and property managers need to pay close attention to the provisions of the specific applicable act, and can not just assume that the provisions of one act apply to the other form of association. When in doubt, always make the safe choice of spending a few minutes to review the provisions of the applicable act. And if you’re ever confused by or unsure of the applicability of a certain provision, don’t hesitate to contact your legal counsel for clarification.

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