Signature cards are used by banks to verify that the party using an account actually has authority to use the account. These accounts include, but are not limited to, the association’s operating accounts, reserve accounts, certificate of deposit accounts, and money market accounts. One of the more commonly missed...
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Does the association have the power to require owners to provide the name, address, and phone number of tenants? By Erika R. Finley, Esq.
On this topic, the law is different for condominium associations and home owner associations. Ohio Revised Code 5311.09 requires condominium owners to provide contact information regarding both themselves and tenants of the condominium to the board. Specifically, the statute requires owners to report the following information: The owner’s physical...
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FHA Update for Condominium Associations and Unit Owners Nicholas J. Meinert, Esq.
HUD has issued new FHA Condominium Approval Rules that will become effective for all applications filed on or after October 15, 2019. Previously, each condominium association was required to be FHA certified, before any unit could be purchased or refinanced using an FHA insured mortgage. As of October 15th,...