The value of properties in Lynn is slowly increasing, making it a great time for those who cannot afford to–or do not want to–live in Boston to consider buying a condo in the nearby city. Indeed, as reported by Itemlive.com, the city of Lynn’s assessing department reported that condominium values increased by 8.3 percent in 2017, and that residential properties in general are appreciating at a very high rate.
Issues concerning small condominiums
A small condominium is usually one with two to four units. While there should be recorded condominium documents, it is common for small condominiums to not have a management company nor require monthly condominium fees to be paid. Instead, many times, the only ongoing cost of the condominium is the master insurance policy which may be due once a year. In this case, all parties can contribute their percentage share of the premium whether that is 25% or 50% as the case may be. The master insurance policy should be an “all in” policy that covers the units as well as the common areas but it is strongly recommended that each unit owner obtain his/her own insurance to cover the contents of the unit (furniture and furnishings) as well as the liability within the unit. These separate policies are usually inexpensive, maybe costing several hundred dollars per year per unit depending upon the contents and limits of liability.
When owners aren’t satisfied with their homeowners’ associations (HOAs), they may take action by filing a civil lawsuit against the HOA. At the law office of Deborah Gold-Alexander, Attorney at Law, our experienced lawyer has been advising HOA boards for over three decades, and can help you to understand the top reasons why lawsuits are filed, what you can do to mitigate legal actions, and what to do if a lawsuit is filed. Consider these six top reasons that HOAs get sued in Lynn:
Home prices in Revere, Lynn and surrounding areas just keep rising, making it a great time to be a party on the selling end of a real estate transaction. For buyers alike, however, now may be the challenging but the best time to move on a home, as the real estate price surge isn’t expected to stop anytime soon.
Condo associations have a number of duties to those who live near or on the properties it maintains. From ensuring that buildings are cared for in an adequate manner to guaranteeing that any unreasonable hazards on grounds have been removed, when condo associations breach the duty they owe, they could be held liable should harm to others occur. This legal theory has, for the most part, encouraged condo associations to assume responsibility for maintaining properties. But should this always be the case? How should condo associations deal with sidewalks, which are often public, not private, property?