While essential to the successful operation of all cooperatives or condominiums, governing documents are often only glossed over by otherwise well-intentioned board members, residents and property managers leading to potential pitfalls.…
The catastrophic and tragic effects of the tornadoes that ripped through Oklahoma this past May resulted in 23 deaths and nearly $2 billion in damage. Natural disasters like these are on the rise, and serve to underscore the importance…
Property management, in the broadest of terms, is defined as the operation, control and oversight of real estate. Most property managers would agree that definition is just a starting point. There are many facets to the demand…
When you decide to run for a board, you’re usually thinking about all the great changes you’re going to make to your building, along with all the time and effort that you’re prepared to sacrifice for the good of your home. Of th…
Legendary funny man Benny Goodman once said, “I don’t want to tell you how much insurance I carry with the Prudential, but all I can say is: when I go, they go, too!” The comedian hits on all-important issue: how much insurance is too mu…
Insurance is designed to be there for us when we need it most. Without knowing the full extent of our coverage, though, we may find ourselves with less protection than we thought. For condominium owners, it is imperative to understand …
Last year the co-owners of a Chicago realty company that managed dozens of condominium properties were charged with fraud for stealing more than $2 million in assessment payments between 2005 and 2008. They trio covered up their fraud …
Insurance is a relatively simple concept that any homeowner can understand. You purchase a policy paying a premium to an insurer, and when a claim gets filed, the insurer pays. So in theory, insuring a condominium or association propert…
You may not know the name of your local alderman, or even your state representative—plenty of polls have shown that many people don't. Politicians are one thing, but when it comes to the people running your condo building or homeowners …
Co-op and condo board members usually are volunteers who live in the building and contribute their time and expertise to help their community. Ideally, they ensure that the building runs well and efficiently, and that residents’ investm…