Endorsed by the Real Property, Probate and Trust Law Section of the State Bar of Wisconsin
A condo conversation
Condo popularity is climbing. As they continue to be more affordable than single-family detached homes, new research shows condos may be appreciating in value faster as a result. 1 They also offer many advantages, such as access to on-site amenities, voting rights in the homeowners’ association, and fewer maintenance responsibilities. And condo developers are working hard to keep pace with demand.
Condo creation comes with tons of tricky legalities to negotiate, making competent legal counsel a necessity. Learn all about current hot topics in condo law at Condominium Law From Every Angle. Take a closer look at developing issues and trends, including:
- New revisions to the WB-4 Residential Condominium Listing Contract
- Expected changes to Wis. Stat. Ch. 704
- Increased interest in mixed-use and commercial condo projects
In addition, discover strategies for smoothly handling essential condo complexities, such as:
- Transitioning from the developer to the homeowners’ association
- Enforcing association rules
- Conducting meetings, amending documents, and other governance concerns
- Maintaining and insuring condo interiors and exteriors
Avoid financing fiascos
It’s imperative that developers gain federal approval of their condo projects so prospective buyers can obtain mortgages through major lenders. Explore the current requirements for securing federally-insured mortgage loans through:
- Federal Housing Administration (FHA)
- Veterans Administration (VA)
- Federal National Mortgage Association (FNMA or Fannie May)
- Federal Home Loan Mortgage Corporation (FHLMC or Freddie Mac)
In addition, understand the project approval standards for private mortgage insurance.
By requiring greater due diligence and creating more restrictions, the Dodd-Frank Act of 2010 brought major changes to the mortgage industry. Look at the latest legislative efforts to roll back these regulations as well as other actions on Capitol Hill that could affect mortgage financing.
We’re crazy for condo law
From financing and development to maintenance and governance, if it has to do with condo law, you’ll learn more about it at Condominium Law From Every Angle.