609-523-1958
Monthly Insights
Jim Yost, owner of Elite Management and Ocean Property Management, writes regular condominium association informational newsletters. These informational pieces are linked below.
For additional advisory services on any of the information in the articles you can contact Jim Yost at 609-675-6835.
Insight Article Links
Fiduciary Duty, Codes of Ethics & Conflicts of Interest
Board members are legally obligated to act in a trustworthy and responsible way on behalf of the condo community as a whole. A board member's primary responsibility is to the entire condo association, not individual unit owners, even if their personal opinion differs. A condo board member’s fiduciary responsibility is to help the association succeed while adhering to the governing documents.
Electric Vehicles - Part 2:
Golf Carts, E-bikes, Electric Wheelchairs and Battery Charging
Community and condominium associations should confer with their professionals including management, legal counsel and their insurance agent to develop a policy which best serves the association and its members, keeping in mind that there is no electric or mechanical device which involves zero risk.
Electric Vehicles - Part 1: Charging Stations
Each year more New Jersey residents are buying and registering electric vehicles. As of June 2024, there are about 184,000 electric vehicles registered in the state – almost 30,000 more than the previous year, according to data from the New Jersey Department of Environmental Protection (NJDEP). By 2035, all newly sold cars and light duty trucks in New Jersey need to be either battery electric, plug-in hybrids or fuel cell vehicles.
New Legislation Affecting All southern NJ Condo. Assoc.
There are several new laws affecting community, condominium and homeowner’s associations. The most significant features of the new laws which are relevant to most associations apply to structural inspections, reserve studies & funding and identification of key corporate decision-makers. These laws establish critical time frames for association compliance.
Safety & Security Systems
There are many different aspects to safety and security in community and condominium associations. Property size, location, configuration and layout, building size and type and number of amenities all affect and influence the type and extent of safety and security systems required for and desired by condominium associations and their members.
Political Signs in
Condominium Assoc.
Condominium and community associations promote neighborhood unity, but that sense of unity can be severely tested during an election year, especially as election day draws closer. In most community and condominium associations, most of the outside property tends to be owned by and under the control of the association, not the individual owner.
Background Checks - Part 1
Association board members and unit owners want to know who and why an individual is on association property. While it is generally safe to assume most individuals have legitimate reasons for their presence, how well are condominium and community association boards and members really able to control who is present at the property and know why an individual is on site?
New Economic Realities for Southern New Jersey Condominium Associations
Across a representative portion of area condominium communities, associations of all types and sizes are experiencing similar budgetary pressures. Components of an association budget that are less controllable such as insurance, reserve contributions, wages and utilities are becoming an increasingly larger percentage of the annual operating budget for most associations.
Best Financial Practices for Condominium & Community Associations - Part 2
Regular financial reports provide the Board with information about the association’s cash position, income and expenses and the best reporting provides reasons why the expenses were incurred. There are several reports that are essential for condominium, community and homeowner’s associations.
Best Financial Practices for Condominium and Community Associations - Part 1
Keeping your association financially sound involves much more than just collecting condo fees and paying bills on time. A realistic financial plan and budget coupled with timely, accurate and logically organized financial recordkeeping are important to the well-being of the association.
Condominium Association Insurance Part 4
The unit owner’s HO6 policy should include liability coverage that defends them for injury or property damage to others. If a unit owner is negligent in filling the bathtub, leaving the stove on, if their pet injures a neighbor or if someone gets injured in their unit, the possible lawsuit scenarios are endless.
Condominium Association Insurance
Part 2
Insurance premium increases are the result of several factors. Coastal areas have experienced a greater number of severe named storms. The past few years have produced some of the most difficult property insurance markets in recent years, specifically for coastal & catastrophe exposed property.
Condominium Association Insurance Part 1
Insurance is the single largest expense item for most condominium associations. It is also one that associations have little to no control over. Many associations are realizing significant increases in insurance premiums in recent years. This four-part series will focus on why premiums are increasing for coastal area condos, guidelines for selecting an agent, and how to avoid gaps in coverage.
Structural
Integrity Act
On January 8th,2024 New Jersey Governor Phil Murphy signed into law S2760/A4384, commonly known as the Structural Integrity Act. This law was enacted partly in response to the 2021 Champlain Tower South Condominium collapse in Florida to prevent a similar tragedy in New Jersey. This new legislation puts in place procedures for inspecting, evaluating, and maintaining the structural integrity of certain residential condominiums and cooperatives.
Policies & Procedures for Condominium & Community Associations
Condominium and homeowner associations are established by either a Master Deed or Declaration of Covenants, Conditions, Easements and Restrictions. These documents typically include the Bylaws and rules and regulations that govern and control actions and activities within the common areas and the residential units within the association.