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Axela Technologies Secures Series A Financing Round Led by Blueprint Equity by Mitch Drimmer

Axela Technologies Secures Series A Financing Round Led by Blueprint Equity by Mitch Drimmer

  • Posted: Jan 25, 2021
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Axela Technologies Secures Series A Financing Round Led by Blueprint Equity

by Mitch Drimmer / Axela Technologies

MIAMI, January 19, 2021 (Newswire.com) – Axela Technologies, the nation’s leading provider of collection services to the Community Association Industry, announced today that it has received a minority growth equity investment from Blueprint Equity. The amount of the deal was not disclosed. In conjunction with the investment, Blueprint Equity will join the Board of Directors.

Since launching in 2018, Axela has demonstrated the effectiveness of its software solutions that manage an association’s collection files. Unlike traditional attorneys or collection agencies, Axela deploys a multi-touch, digital-first approach to engage and work with unit owners that have fallen behind on their assessments.

“Resorting to legal action and foreclosure should be the absolute last step to any collection effort,” states Martin Urruela, Axela Founder and CEO. “Yet for years, it’s been the knee-jerk reaction by community associations when a homeowner falls behind on just a few months of assessments. It doesn’t have to be so drastic and costly, and that’s where we come in.”

The financing round builds on an exceptional year for Axela, which saw its customer count grow by over 200% in 2020. The company currently works with hundreds of management companies in 21 states, and boasts a 99% success rate of resolving collection files without resorting to legal action.

“What really stuck out to us was Axela’s approach to collections, long considered an unattractive and confrontational industry,” said Sheldon Lewis, Managing Partner of Blueprint, who also joined the company’s Board.” Axela was built around a philosophy that by helping the homeowners, they help the association, and everybody wins. Powered by the right technology, the company is well-positioned to scale across this vast market and become the industry standard.”

When asked about the use of the investment funds, Urruela stated that the company would aggressively expand its sales and marketing efforts, as well as double down on product and engineering. “We have to get the word out that we have a new and innovative solution to an age-old problem. We’re extremely proud of our customer retention rate – we’ve never lost a client, or experienced a scenario where an association decides to go back to the old way of doing things after working with us.”

 

ABOUT AXELA TECHNOLOGIES

Axela Technologies is a collections firm that specializes in recovering delinquent assessments for the benefit of community associations. Axela reduces the cost of outreach and engagement by automating much of the standardized collections process, all while providing exceptional customer service and a centralized platform for all stakeholders to promote transparency and efficiency. To learn more about Axela, visit axela-tech.com.

 

ABOUT BLUEPRINT EQUITY

Blueprint Equity provides expansion capital to rapidly growing enterprise software and technology-enabled services businesses across North America. To learn more about Blueprint Equity, visit onblueprint.com.

 


 

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Financial Screening of Purchasers: How Far Is Too Far? by Kaye Bender Rembaum

Financial Screening of Purchasers: How Far Is Too Far? by Kaye Bender Rembaum

  • Posted: Jan 14, 2021
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Financial Screening of Purchasers: How Far Is Too Far?

by Kaye Bender Rembaum / Rembaum’s Association Roundup

 

A few months back a case came before the county court in the 20th Judicial Circuit for Collier County, wherein a prospective buyer challenged the validity of a board-adopted rule which required that all prospective buyers provide two years of tax returns with their application for ownership approval. This requirement was in addition to the background check and credit check that were also required. While this is only a county court case and, therefore, has no precedential value other than to the parties themselves, there are principles addressed of which associations and managers should be aware; even though many learned attorneys would opine that the conclusions of the court are legally flawed under the facts of the case and, if appealed, would likely be overturned. Nevertheless, there are still nuggets of knowledge that can be gleaned from this case.

In this case, Mech v. Crescent Beach Condominium Association, Inc., Case No. 19-SC-3498, decided June 2020, the purchaser, who was the plaintiff, was seeking to buy a unit at Crescent Beach Condominium for $400,000, which was to be paid in cash. The purchaser purportedly had a clean background and a credit score of 800. Nonetheless, the board required that, like all other prospective purchasers at the condominium, this purchaser needed to produce his tax returns in order for the association to approve the transfer. The purchaser refused to provide his tax returns and cited his good credit score and clean background as evidence enough for approval. Eventually, an impasse was reached, and the purchaser canceled the contract. Then he brought the county court lawsuit challenging the requirement. (Generally speaking, typically under current Florida law, the purchaser would not have legal standing to even bring the claim against the association; but it does not appear that this legal infirmity was raised by the association, which allowed the case to proceed.)

The purchaser challenged the rule, arguing that the rule was not within the scope of the association’s authority to adopt, nor did it reflect reasoned decision-making. (It is noteworthy to point out that, after the initiation of the lawsuit, the association amended its declaration of condominium to provide that the association may require tax returns in an application for approval of a sale. However, this is not relevant to the conclusions of the Court in this case since it occurred after the litigation was filed.)

The association argued that the tax returns are necessary because they provide more information than a credit report and could help ensure that the potential purchaser is “a good credit risk.” The Court, however, did not agree, calling the argument “nonsensical.” The Court goes on to identify what this judge considers to be the best indicator of a person’s financial history, and as a result, it is the only information the association is allowed to seek. (We note that this conclusion is also without a stated legal basis.)

In the final judgment, some might argue that the Court goes way beyond what proper judicial consideration and conclusions typically contain and indicates that she could find “NO justification for the invasive requirement that a full, or even partial, return would be required when, in fact, the board already requires a full background check and credit check.” While no legal support for the conclusion was provided, the Court held that the request for tax returns was invasive and unnecessary and that the requirement was “shocking.”

 

The Court objected to the blanket requirement that applied to every applicant regardless of the results of their background and credit checks. Had the tax returns only been required when an applicant’s credit history showed a history of financial instability or delinquencies, the rule may have been upheld by the Court. How-ever, the Court held that “to take a position that ‘every person’ who applies to be a member at [the association] is patently unreasonable and shall be stricken.” Lastly, also without a legal basis or ability, the Court ordered the association to strike all reference in its condominium documents which require potential purchasers to produce tax returns unless the association can show good cause to request the information.

A brief discussion regarding the adoption of rules and regulations is necessary to highlight lessons that can be learned from this case. Generally, both condominium and homeowners association governing documents will typically provide that the board of the directors has the authority to adopt rules and regulations for the community. While some governing documents may contain restrictions requiring a membership vote to approve new rules, it is common for the governing documents to provide the board with the authority to adopt rules and regulations. (Careful review of the documentary authority for each community is recommended as some may limit the rule-making authority to common areas only and not to the residential property within the community.)  Although the board is generally authorized to adopt rules and regulations, those rules and regulations must not conflict with any provision expressly set out in the governing documents or reasonably inferred from them, and they must be reasonable. (This should be contrasted with covenants recorded in the County’s official records, which may be unreasonable and still be legally enforceable under long-standing Florida case law.)

 

In Beachwood Villas Condominium v. Poor, et. al., a 1984 Fourth District Court of Appeal (4th DCA) case  in which several owners challenged rules enacted by their association’s board of directors, the Court noted that there could be two sources of use restrictions: (i) those set out in the declaration of condominium and (ii) those adopted by the board. As to the use restrictions set out in the declaration, the court held that such restrictions are “clothed with a very strong presumption of validity,” as initially provided in Hidden Harbor Estates v. Basso (a 1981 4th DCA case).

In examining board-adopted rules, the court first must determine whether the board acted within its scope of authority—in other words, whether the board had the express authority in the documents to adopt the rule in the first place. If the answer is “yes,” the second question to determine is whether the rule conflicts with an express provision of the governing documents or one that is reasonably inferred. (If the documents are silent on an issue, the inference is that it is unrestricted. Adopting a rule to restrict a topic that the declaration is otherwise silent about would conflict with the inferred unrestricted use and therefore be unenforceable.)  If these first two issues are found to exist, the court will then determine if the rule is reasonable. The board’s exercise of its reasonable business judgment in adopting a rule is generally upheld so long as the rule is not “violative of any constitutional restrictions and does not exceed any specific limitations set out in the statutes or condominium documents.”

 

In examining your own board-adopted rules, ask the following:

  • Did the board have the power to adopt the rule?
  • Is the rule in accord with with the declaration, articles of incorporation, or bylaws?
  • Is the rule reasonable under the circumstances? (While ultimately only a court can make this final determination, the board should use its best judgment, with assistance of its counsel, to reach this decision.)

If the answer to these three questions is “yes,” then the rule should be found to be valid and enforceable by the court upon an owner challenge.

Ultimately, what can be gleaned from Mech v. Crescent Beach Condominium Association Inc. is that even if the association acts reasonably when adopting rules and even when amending the declaration, a lower court judge can reach almost any decision it wishes. Had the provision at issue only required tax returns when the background or credit checks revealed that the prospective purchaser had a history of financial irresponsibility, the provision may have withstood judicial challenge by this particular judge. Additionally, had the provision requiring tax returns been set out in the declaration before the initiation of the lawsuit, the outcome may have been different under existing, well-established case law.

Bottom line, whenever the board is considering new rules, it is recommended that the board consult with the association’s legal counsel before adopting them.


Jeffrey Rembaum, Esq.

Board Certified Specialist in Condominium and Planned Development Law and a community association lawyer with the law firm Kaye Bender Rembaum, in its Palm Beach Gardens office.

His law practice consists of representing condominium, homeowners, and cooperative associations, developers and unit owners throughout Florida.

He can be reached by email at JRembaum@KBRLegal.com or by calling 561-241-4462.

 

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We want to help your community thrive! If you are in need of property management services or any of our other services by Seacrest Services

We want to help your community thrive! If you are in need of property management services or any of our other services by Seacrest Services

  • Posted: Jan 14, 2021
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We want to help your community thrive! If you are in need of property management services or any of our other services, then give us a call today at 561.697.4990 to learn more.

by Seacrest Services

From full-service property management and professional accounting services to complete landscaping and property maintenance needs, Seacrest Services can tailor a specific plan for your community association or commercial property. We take great pride in the longevity of our client relationships and continued customer satisfaction. We maintain a team of experienced employees with expert knowledge on the industry, ensuring that your property is treated with the highest level of professionalism.

 

SERVICES WE OFFER

We have your property management needs covered – inside and out.

Property Management – All of our property management personnel are state licensed community association managers and undergo Seacrest’s extensive in-house training program. Quality service is of utmost importance and the basic expectation of the Seacrest Management Team.

Maintenance and Janitorial Services – Seacrest Services is proud to offer our customers an experienced and capable management team utilizing the latest building maintenance equipment, cleaning techniques, and commercial janitorial supplies. We aim to meet and exceed all of your standards of cleanliness and enhance your facility’s appearance.

Customer Service – We understand that your residents are the lifeblood of your community, providing quality customer service to each of them is our privilege. Our interactive Live Operator Customer Service Program is tailored to fit the unique needs of each association we oversee. This approach helps to promote a harmonious living environment all while reducing the need for direct Board involvement in day-to-day issues.

Accounting & Financial Services – Since no one accounting system works for everyone, we customize your system to meet the specific requirements of your association. Our state-of-the-art technology gives you the information you need at the touch of a button while our skilled accounting team provides support and assistance.

Landscape Services – With a dedicated team of experienced and knowledgeable landscape professionals, we have the expertise to create and maintain a lush, healthy landscape for your property. Our comprehensive landscape services eliminate the hassle of hiring multiple vendors and ensure you receive the highest quality services from one easy source.

 

Let’s transform your facility!  Request a Bid!

When you submit a request to Seacrest Services, one of our representatives will call you to set up a time to meet. We will then walk your property or the job area with you. A site walkthrough is important because no two properties are the same. A variety of variables, such as square footage, the scope of work, and condition of the property, makes each situation unique. Our representatives will work with you to design a custom-tailored solution to fit your property’s individual needs.

 


Seacrest Services

From full-service property management services and professional accounting services to complete landscaping and property maintenance needs, Seacrest Services can tailor a specific service plan for your commercial property or community association. We take great pride in the longevity of our client relationships and our customers’ continued satisfaction with our quality property management services. We maintain one of the highest levels of experienced employees in our industry, ensuring that your property gets the professionalism and knowledge you deserve.
With offices in West Palm Beach and Pompano Beach, Seacrest is uniquely positioned to handle the needs of South Florida’s community associations, commercial properties and businesses. Since 1975 we have been a leader in community association management including property managementaccountinglandscape servicesmaintenance servicescommercial property services and even construction. To see how Seacrest can lead your community into the future, call us today at 888-828-6464.
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CAM LICENSING COURSES: START YOUR NEW CAREER | SFPMA

CAM LICENSING COURSES: START YOUR NEW CAREER | SFPMA

CAM LICENSING COURSES: START YOUR NEW CAREER

Online Courses for Licensing can be completed while your at home.

This might be a great time to Take your online Testing and become a CAM

CAM License Courses and Board Members Certification in Florida


Our Industry Partners provide: Licensing Classes, Training and Licensing for CAM – Board Member Courses

Enjoy our self-paced online class and comply with the State Education Requirement for Community Associations.

As you were thinking of starting up property Management Services sometimes working with a broker for sometime can help you create relationships with other sales associates in that office that can prove to be good referrals. If you’ve had your license for 5 years you would qualify to get your broker’s license and when you feel comfortable it may be a good time to transition to your own company or even a different franchise. the property management association is a good tool, there is an enormous amount of liability and property Management

 

 

 

 


 

Property Management Forms

Now that you are getting your License you will need Management Forms!

We have partnered with USLegalForms to give our clients Every Form you will need to help you set up your business, Lease Forms, Incorporation Documents, and so many others………

Property Management Packages contains the essential forms to assist you in leasing your premises, complying with legal requirements, and keeping relations with your tenants amicable. Forms include the 1. Landlord Tenant Closing Statement to Reconcile Security Deposit, 2. Residential Rental Lease Application, 3. Residential Rental Lease Agreement, 4. Commercial Building or Space Lease, 5. Security Deposit Agreement and other forms.

 

We offer Subscriptions – Where for a small fee you can download and get access to EVERY FORM YOU WILL NEED FROM THOUSANDS OF FORMS

 

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Aruba Permit Services is your one-stop-shop provider for closing all your open building permits and code violations.

Aruba Permit Services is your one-stop-shop provider for closing all your open building permits and code violations.

  • Posted: Jan 12, 2021
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Aruba Permit Services is your one-stop-shop provider for closing all your open building permits and code violations.

 

We Specialize in Resolving Open or Expired Permits, Code Violations, and
Lien Negotiations!

 

  • Expired Building Permits
  • Code Violations
  • ”As-Built” Engineer Drawings
  • Garage Conversions
  • Unpermitted Work
  • Courtesy Public Notary 
  • Inspections
  • Repairs
  • Lien Negotiations
  • Complimentary Zoom Video Inspections
  • ”After the Fact” Building Permits
  • Illegal Additions
  • Re-roof Certifications
  • 40/50 Year Building Re-certifications 
  • Renovations and Remodels
  • Roofing

 

Call us at (954) 786-7292 or visit our website aruba-services.com to request a free quote!

View our SFPMA Membership Page Working with Condo and HOA in Florida’s Management Industry!

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BEFORE YOU INSTALL THAT NEW RING DOORBELL  By Eric Glazer, Esq.

BEFORE YOU INSTALL THAT NEW RING DOORBELL By Eric Glazer, Esq.

BEFORE YOU INSTALL THAT NEW RING DOORBELL

By Eric Glazer, Esq.

It’s becoming impossible to keep up with technology.  Just when you think you bought the latest, greatest computer or cell phone the world may ever see, a month later there’s new technology that makes you device already seem outdated.  It’s a never ending cycle.  Well, one new technological advance is the RING doorbell, which is a doorbell that let’s you see who is at your front door, by simply glancing at your cell phone.  I have one for my home and another for my office.  It even let’s you speak to and hear the person who is at your door, even when you are not home.  In fact, you can be anywhere in the world.  It really is fantastic technology that everyone is taking advantage of.  BUT IF YOU LIVE IN A CONDOMINIUM…..YOU CAN’T.

Let’s again review Florida Statute 718.113(2)(a):

Except as otherwise provided in this section, there shall be no material alteration or substantial additions to the common elements or to real property which is association property, except in a manner provided in the declaration as originally recorded or as amended under the procedures provided therein. If the declaration as originally recorded or as amended under the procedures provided therein does not specify the procedure for approval of material alterations or substantial additions, 75 percent of the total voting interests of the association must approve the alterations or additions before the material alterations or substantial additions are commenced. This paragraph is intended to clarify existing law and applies to associations existing on July 1, 2018.

So the question is…..is the installation of a RING doorbell on your condominium front door, a material alteration to the common elements that requires a vote of the owners? In Persi v. Playa Del Mar Association, Case No. 19-02-7292, March 16, 2020, Arbitrator Keith Hope held that it was and upheld the association’s right to remove it.  The arbitrator first again indicated the definition of a material alteration:

“[A]s applied to buildings, the term material alteration or addition ‘means to palpably or perceptively vary or change the form, shape, elements or specifications of a building from its original design or plan, or existing conditions, in such a manner as to appreciably affect or influence its function, use or appearance

Applying this test, the Arbitrator held that Petitioners’ installation of the ring video doorbell was a material change to the appearance of the common property door, and required installation of electrical wiring within the common property walls. Moreover, it is undisputed that Petitioners’ ring video doorbell contains a security camera that captures both audio and video of persons and activities within its field of view. Installation of a security camera on or in a condominium’s common property is deemed a material alteration. Dellagrotta v. West Coast Vista Association, Inc., Arb. Case No. 2013-02-7351, Summary Final Order (October 4, 2013).

While it’s hard to say the arbitrator’s reasoning was not correct, arbitration cases have long held that when the Board wants to use the benefits of new technology, it’s suddenly not a material alteration but a wise business judgment decision.

For example:

In the arbitration case of A. N. Inc. v. Seaplace Association, Inc., Arb. Case No. 98-4251, Summary Final Order (Oct. 29, 1998), replacement of all of the windows in the condominium with an upgraded version, with a tilt-out cleaning feature, tinting and heavier glass, was held not to require a unit owner vote. The arbitrator noted that the choice of the type of window used is a decision within the board’s business judgment and that “a board in the exercise of its well-reasoned and documented judgment could and should take advantage of changes in technology, building materials, and improved designs …” See also, Kreitman v. The Decoplage Condominium Association, Inc., Arb. Case No. 98-4711, Final Order (July 30, 1999) (board’s decision to replace worn hallway carpets with longer lasting solution-dyed, woven carpet was not subject to unit owner approval).

 

In light of these cases, why are upgraded windows and carpets not considered a material alteration, but upgraded doorbells that take advantage of the latest technology are?  Just like the Board, I don’t see the harm in owners having the right to take advantage of “changes in technology” and having the ability to install a doorbell that provides better safety, security and ease of use.

 

 

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End of year Taxes for your property by RMS Accounting

End of year Taxes for your property by RMS Accounting

  • Posted: Jan 08, 2021
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End of year Taxes for your property

by RMS Accounting

End of Year Taxes:

While tax returns aren’t due until April, to minimize your tax burden the strategy of accelerating rental property expenses should be considered now, property owners, should start deducting these expenses this year could be more important than ever, especially if you’re affected by the new Affordable Healthcare Act tax. Under the Act, if your modified adjusted income exceeds $250,000 (filing jointly) then you’ll pay an additional 3.8% tax on any rental income or other passive income above that amount. Rental property expenses are deductible only in the year they are paid, so December is your last chance to pay for any rental property-related expenses that you want to deduct this year. Additionally, you can pay your expenses in advance, so consider paying in December some expenses due next year (such as a mortgage payment, property taxes, or utility bills) to offset this year’s income.

As far as rental income is concerned, don’t be tempted to defer rental income for December rents to next year. The Internal Revenue Service matches 1099s for commercial leases, and they want to see rental income match up with 1099s. While residential rental owners don’t receive 1099s from their tenants, many audits that CAP’s have been involved in where the IRS examined residential lease agreements and had issues with the rental owner declaring less than a full twelve months of income if the unit was occupied for the entire year. But what if you were on vacation for all of December and didn’t check your mailbox until mid-January? That’s still income for December.

It’s important to not make assumptions about rental income losses–several clients get burned because they thought they could deduct these losses. The problem is that rental income losses fall under the “passive income rule” which can be a complicated beast. Rental income is considered passive income, and under the rule, passive income losses can only be offset against passive income, which means you need to have another rental property that makes money or some other passive income source. The rule is different if your adjusted gross income is less than $150,000. The passive income rules are very complex and everyone has a different situation, so it’s critical that you consult with your tax advisor before you act on any assumptions.

 


Checklist: End of Year Taxes

 

Meet with your accountant to discuss end of year tax strategies.
Consider paying now expenses due next year to offset this year’s income.
Let your accountant know if you anticipate any rental losses next year, or if you’re planning on refinancing, buying, or selling rental property as these activities may have tax consequences that might be partially mitigated with informed planning.
If you formed an LLC or S-Corporation to hold your rental property, order 1099s now to send to your unincorporated vendors (to whom you paid more than $600) by January 31st–it can sneak up quickly.

We provide you with complete, timely reports that will manage your cash flow:

  • Accounts receivable aging
  • Transaction Journals
  • Cash disbursement listings
  • Bank reconciliations
  • Accounts payable reports
  • Sales tax reports
  • Cash demand projection
  • Payroll tax reports
  • Cash balance reports
  • Other business tax reports
  • Balance sheets
  • General ledgers
  • Income statements
  • Customized reports

You will be surprised at how much you can save. You can reduce many variable costs, office space, payroll taxes, employee benefits, equipment costs, software costs and the effort! Contact us for a free estimate of the cost savings for your business.


Year-end reviews:

Revisiting and evaluating insurance policies and rental regulations and laws is key to protecting your rental property investment. We recommend that rental property owners set an annual calendar reminder to review their insurance policies for proper and adequate coverage and check on new local ordinances affecting landlords.

Insurance policies and their respective coverage amounts change frequently. We have seen many owners move out of their property and convert it to a rental but forget to call their insurance provider to make sure their policy is updated from a primary occupant policy to a landlord policy. If an owner does not make this policy change then it is very likely a future claim will be denied for the wrong policy classification. The classification change to a landlord policy will likely result in a premium increase but without the proper classification the property owner is not adequately insured which, in the end, will be a much bigger price to pay.

City ordinances can change quickly and are difficult for distant and even local landlords to be aware of. While a local professional property manager should be able to help you with local ordinances, It is ultimately the property owner’s responsibility to make sure rental property is compliant with local city and county ordinances.

In addition to local ordinances, make sure you understand federal and state laws that impact rental property, such as fair housing requirements and your state’s landlord-tenants laws. Your property manager, if you have one, will be an important resource here. If you self-manage your rental property, consider joining a state or local landlord association, as these groups often have attorneys provide updates on changing laws as well as provide other benefits. Property Managers in South Florida can join forces with www.sfpma.com

While it might be a slower time for year for landlords and property management companies, the winter, especially December, can nonetheless get busy because of the holidays. However, it’s important to have a game plan for the coming year. Schedule a planning meeting to meet with key people, including any co-owners of your rental property or your property manager, if you have one, to address these issues:

 

Checklist: Planning for Next Year
Confirm annual or six-month rental property inspections are scheduled.
Review lease agreement template.
Review policies or “house rules.” Consider adding a policy addressing space heater safety. Adding a Pet Policy, we see many more tenants and owners with pets, along with service animals.
Review rents and consider an increase.
Discuss whether any significant repairs, such as re-roofing, need to be undertaken in the coming year.

 

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Mortgage rates begin 2021 at a place no one would have believed a year ago | SFPMA

Mortgage rates begin 2021 at a place no one would have believed a year ago | SFPMA

Mortgage rates begin 2021 at a place no one would have believed a year ago

Ethan Rotberg

An unbelievable year for home borrowers has ended with mortgage rates lingering just a notch above their latest all-time low — which was the 16th set during 2020, according to a popular survey.

“All eyes have been on mortgage rates this year, especially the 30-year fixed-rate, which has dropped more than 1 percentage point over the last 12 months,” says Sam Khater, chief economist at Freddie Mac, the mortgage giant that has been tracking rates for nearly 50 years.

The new year has begun with jaw-dropping rates helping homebuyers beat rising housing prices, and allowing homeowners to refinance and save thousands of dollars a year.

 

Mortgage rates ticked up slightly last week to 2.67% for a 30-year fixed-rate home loan, from the record-low 2.66% a week earlier, Freddie Mac said on Thursday.

One year ago, 30-year mortgages were averaging 3.72% — which seems almost astronomically high compared to today’s rates.

“[It] was a fitting conclusion to a year that has seen mortgage rates plunge to levels that seemed unfathomable a few years ago,” says Matthew Speakman, an economist with Zillow. “But as a new year is set to begin, some notable upward risks to mortgage rates loom.”

Though the newly passed COVID-19 relief bill had been expected for months, Speakman says the possibility of even more fiscal relief, along with important Senate runoff elections in Georgia, could prompt sharper movements in rates going forward.

 

 

Freddie Mac is forecasting stronger economic growth in the new year, which could push rates away from their historic lows of 2020. In its latest forecast, the company predicts mortgage rates will rise to an average 3% in 2021.

But, before that happens, homeowners have time to capitalize on rock-bottom rates by refinancing.

More than 19 million mortgage holders still haven’t gotten in on the action, says mortgage technology and data provider Black Knight. Those borrowers could save an average $308 per month by refinancing now.

A good refi candidate — with a solid credit score and at least 20% home equity — may want to lock in an ultra-low rate while those are available.

If rates should pop unexpectedly, you’ll need to find other ways to reduce your housing costs. For example, you could comparison shop when you buy or renew your homeowners insurance, and potentially save hundreds of dollars on your coverage.

 

With mortgage rates so low, Americans hoping to buy a home in 2021 are in a good position.

“The steep rise in home prices during the second half of 2020 was muted by mortgage rates,” says Realtor.com’s senior economist George Ratiu.

But the forecast is a bit cloudy, and Ratiu expects first-time buyers will eventually find it challenging to get a good deal on a loan while COVID cases are surging, unemployment is high and home affordability is shrinking. Like homeowners, buyers also must shop around to find the best mortgage deal.

Rates on other popular types of home loans dropped last week, the Freddie Mac survey shows.

The average for a 15-year fixed-rate mortgage fell to a record-low 2.17%, down from 2.19% the previous week, and nearly a full percentage point lower than a year ago, when the average was 3.16%.

For 5/1 adjustable-rate mortgages, or ARMs, the average decreased from 2.79% to 2.71% — far below the year-ago average of 3.46%.

 


Learn more about helping Condo, HOA Financing from our Banking and Finance Members of SFPMA

 

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Florida Condominium Act, extensively regulates amendments to condominium documents. by Becker

Florida Condominium Act, extensively regulates amendments to condominium documents. by Becker

Florida Condominium Act, extensively regulates amendments to condominium documents.

Joseph E. Adams / Becker
BlogPublication Florida Condo & HOA Law Blog

 

Q: After the unit owners in a condominium association vote to approve an amendment, is there a time limit or deadline by which the amendment must be recorded with the county? (M.A. via e-mail)

A: Chapter 718 of the Florida Statutes, known as the Florida Condominium Act, extensively regulates amendments to condominium documents. However, the Act does not contain a specific deadline for when properly adopted amendments to the condominium documents must be recorded.

Section 718.110(3) of the Act states that amendments to the declaration are effective when properly recorded in the public records of the county where the declaration is recorded. Similarly, Section 718.112(1)(b) of the Act states that amendments to the articles of incorporation or bylaws are not valid unless recorded in the public records of the county where the declaration of condominium is recorded. Further, Chapter 617, the Florida Not For Profit Corporation Act, provides that amendments to the articles of incorporation must be filed in the office of the Department of State.

In my opinion, the recording of such amendments is a ministerial act that the board would be required to undertake within a reasonable time of the approval of the amendment. While there is room debate what is reasonable, I would say absent unusual circumstances (such as an intervening legal challenge or some after-discovered error), 30 days from approval would be a reasonable time frame.

However, there is also no specific prohibition in the statute preventing an association from recording an amendment long after the owner vote. I occasionally see situations where an association failed to record an amendment due to changes in the board or management or other circumstances, and records an amendment a year or longer after its approval. This is obviously not an ideal situation since you might have new owners who did not get a chance to vote on the amendment and who could claim that they bought there unit based on what was in the public records.

 

Q: Can you explain what a “material alteration” is? We have a constant argument in our condominium association, usually driven by one particular owner, over what the board can and cannot do. (J.F., via e-mail)

A: This is one of the most common areas of disputes in condominiums. As you probably know, Section 718.113(2) of the Florida Condominium Act provides that there can be no material alterations or substantial additions to the common elements except as authorized by the declaration of condominium. If the declaration is silent, then 75 percent of all voting interests must approve the alteration or addition (there is usually one voting interest per unit).

The standard still used by the courts today comes from a decision from a Florida appeals court rendered almost 50 years ago. In ruling that a unit owner’s closing in a screened lanai with windows was a material alteration, the court stated that the term means “to palpably or perceptively vary or change the form, shape, elements or specifications of a building from its original design, or current condition, in such a manner as to appreciably affect or influence its function, use or appearance.” Using this test, appellate courts have ruled that changing the exterior color scheme of condominium buildings is a material alteration, as is changing mansard roof shingles made of cedar to tile type shingles.

As with most rules, there are exceptions, one being the so-called “necessary maintenance exception,” which originates from a series of appellate court cases from the Second District Court of Appeals (which includes southwest Florida). These cases basically say that certain changes can be made without and owner vote when necessary to comply with law or when necessary for the proper maintenance and preservation of the condominium property.

 


Joe Adams is an attorney with Becker & Poliakoff, P.A., Fort Myers.

Send questions to Joe Adams by e-mail to jadams@beckerlawyers.com.

Past editions may be viewed at floridacondohoalawblog.com.

 

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We are getting ready for this year, remember: When you keep us informed we can use this to keep the industry informed. | SFPMA

We are getting ready for this year, remember: When you keep us informed we can use this to keep the industry informed. | SFPMA

We are getting ready for this year, we offer many services for members. When you keep us informed we can use this to keep the industry informed.

We ask our members about Advertising
– In the next week we have information that will be sent directly to our members.
– Advertising includes: On our Website, On the Directory Categories, In our Email Blast and our Magazine, Florida Rising Magazine.
These when sent go out to industry professionals. Boards for Condos and HOA’s, Managers and YOU if you sign up.
Be safe and healthy
—————-
As we are reopening let your membership with us help you get in front of clients all over Florida
Here is some information about SFPMA.
What you can expect and rely upon with your membership.
We are a multi-member property management organization in the State of Florida. Expand your professional network, connect with those who work directly with Professionals in our Industry that may not necessarily know about your business.
Take advantage, meet like minded professionals and opens up opportunities for future business ventures and lifelong partnerships.
Through your Membership:
1. You are listed on the Website Members Directory. – marketed to clients all over Florida.
2. You are also listed on the Magazine Directory.- Our publication is sent each month to over 230,000+ Subscribers and Clients keeping them up to date on the the Industry.
3. Members can Write Articles, Send us Company News and Promotions we send to Thousands of Industry Professionals.
Let them get to know what you do! – Remember Send us information about your company! We will resend this out keeping everyone informed on the Services you Offer.
4. We publish many Events each month that are listed on our Upcoming Events Calendar. Licensing Become a CAM, Webinars for our industry and Board Education…..
It starts with: Membership and being listed on the Florida Directory. What we will offer You! Finding the top Companies that work in our Industry is important for Property Managers, Condo & HOA Board Members.
Happy New Year from all of us at:
~SFPMA
From Frank J Mari and Our Team.
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Income Tax Up Date for Landlords & Real Investors Webinar by  RMS Accounting

Income Tax Up Date for Landlords & Real Investors Webinar by RMS Accounting

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Income Tax Up Date for Landlords & Real Investors Webinar

by RMS Accounting

December , 16 2020 @6:00 PM

This free webinar will cover the following topics: Understanding rental income & Expenses, Passive loss restrictions, and material participation, Depreciation choices, Section 199A and QBID, along with much more that we help you understand and get every benefit the tax code allows.

Register Here

 


 

Keep up to date with all of the Events- View our Calendar of Upcoming Events on SFPMA

 

2021 LEGAL UPDATE by Attorney Jeffrey Rembaum from Kaye Bender Rembaum

WEBINAR Florida

2021 LEGAL UPDATE December 16th  12:00 pm – 2:00 pm Join Campbell Property Management and Attorney Jeffrey Rembaum from Kaye Bender Rembaum for this Legal Update Webinar, live via Zoom. This 2 hour course will run from 12:00 PM to 2:00 PM. Property Managers who attend will receive 2 CEUs in the Legal Update category. Board Members who attend will learn about law changes from 2020 that may impact their community associations in Florida. Register Today


FREE EDUCATION Virtual Event “MAINTAINING ORDER: A DISCUSSION ON RULES & REGULATIONS, GOVERNING DOCUMENTS AND FINING IN COMMUNITY ASSOCIATIONS” DEC 16th by Katzman Chandler

WEBINAR Florida

FREE EDUCATION Virtual Event “MAINTAINING ORDER: A DISCUSSION ON RULES & REGULATIONS, GOVERNING DOCUMENTS AND FINING IN COMMUNITY ASSOCIATIONS”  by Katzman Chandler   MAINTAINING ORDER: A DISCUSSION ON RULES & REGULATIONS, GOVERNING DOCUMENTS AND FINING IN COMMUNITY ASSOCIATIONS Date: Wednesday, December 16, 2020 Time: 1:00 pm Location: Online Event via, Zoom What are some typical Community Association Rules and Regulations? How are the Association’s Rules and Regulations adopted and enforced? Who enforces them, and by what means? Is an attorney needed to create them? This Course provides answers to these questions, as well as a primer on Association Governing Documents, their order of priority and enforceability, and includes a review of fines and fining procedures. REGISTER NOW Register Online or Call Now  800-987-6518


SEASON 2; EPISODE 6 OF ASSOCIATION LEADERSHIP with Castle Group & Kaye Bender Rembaum

WEBINAR Florida

SEASON 2; EPISODE 6 OF ASSOCIATION LEADERSHIP Castle Group & Kaye Bender Rembaum December 17th  12:00 pm – 1:00 pm Castle Group & Kaye Bender Rembaum invite you to join us for Season 2, Episode 6 of Association Leadership. The live webinar will be hosted by Craig Vaughan- Castle Group, President and Attorneys Jeffrey A. Rembaum & Michael S. Bender- Kaye Bender Rembaum, P.L.- Board Certified Specialists in Condominium and Planned Development Law. This is hosted by Castle. Please direct all questions to m.rodriguez@castlegroup.com Reserve your seat HERE!


WEBINAR: GUEST RESTRICTIONS & SCREENING TENANTS AND NEW OWNERS

WEBINAR Florida

WEBINAR: GUEST RESTRICTIONS & SCREENING TENANTS AND NEW OWNERS  December 17th  1:00 pm – 2:00 pm Guest Restrictions & Screening Tenants and New Owners: Is It Worthwhile? Course #: 9630142  |  1 CE credit in HR (or Elective) Instructor: Karina Skeie, Esq. This webinar addresses the authority to review and approve tenants and owners, including issues related to transfer fees/security deposits, potential “good cause” to deny an applicant, restricting guest occupancy, and common pitfalls in the “screening” process. RESERVE YOUR SEAT HERE


FREE EDUCATION Virtual Event “Q & A SESSION FOR MAINTAINING ORDER: A DISCUSSION ON RULES & REGULATIONS, GOVERNING DOCUMENTS AND FINING IN COMMUNITY ASSOCIATIONS” DEC 17th by Katzman Chandler

WEBINAR Florida

FREE EDUCATION Virtual Event “Q & A SESSION FOR MAINTAINING ORDER: A DISCUSSION ON RULES & REGULATIONS, GOVERNING DOCUMENTS AND FINING IN COMMUNITY ASSOCIATIONS”  by Katzman Chandler Q & A SESSION FOR MAINTAINING ORDER: A DISCUSSION ON RULES & REGULATIONS, GOVERNING DOCUMENTS AND FINING IN COMMUNITY ASSOCIATIONS Date: Thursday, December 17, 2020 Time: 1:00 pm – 2:00 pm Location: Online Event via, Zoom You have questions, we have answers! Come join our Q & A Session to answer all your questions about Maintaining Order: a Discussion on Rules & Regulations, Governing Documents and Fining in Community Associations. REGISTER NOW Register Online or Call Now  800-987-6518


Webinar: DISASTER PREPAREDNESS & RECOVERY: ARE YOU READY TO WEATHER THE STORM? by Becker

WEBINAR Florida

DISASTER PREPAREDNESS & RECOVERY: ARE YOU READY TO WEATHER THE STORM? by Becker Provider #0000811 | Course #9630113 | 1 OPP or 1 ELE Credit Online Webinar Is your community prepared in the event that a hurricane strikes through your city? In this special course we will go over practical tips for developing and implementing a disaster recovery plan for your community. Managers and board members will learn: Steps to take to protect life and property Recover and post event steps The ins and outs of contracting before and after the hurricane How to document a claim

 

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