HOAleader.com - Tip of the Week - March 2, 2012
Published: Wed, 02/29/12
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HOA Landlords: Are You Following These Best Practices?
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In this week's tip, we offer three of six best practices
you should be implementing if you're now not only managing
your HOA but you're also managing rental units your HOA
has required through foreclosure.
1. Don't be a loosey goosey landlord.
"Make sure you enter into a written lease agreement,"
advises Dennis J. Eisinger, a partner at Eisinger, Brown,
Lewis & Frankel PA in Hollywood, Fla., who represents more
than 500 condo and HOA associations. "Also, make sure the
HOA goes through the same tenant screening process you'd
require if you were leasing out your own personal unit."
2. Explain to tenants the status of the unit.
"Disclose in the lease that the property is presently, or
may be, subject to a mortgage foreclosure action," says
Eisinger. "We have form leases we provide to our
association clients that say something along the lines of,
'This property may be subject to a mortgage foreclosure
action, but pursuant to the federal Protecting Tenants at
Foreclosure Act, tenants may have the right to extend their
tenancy if there's a foreclosure.' We're disclosing there's
a possible mortgage foreclosure but also that there's a
statute that might give tenants extra protection."
3. Create one person for tenant contact.
"We usually advise HOAs to make sure you have a point
person for tenants," says James R. McCormick Jr., a partner
at Peters & Freedman LLP in Encinitas, Calif., who
represents associations. "It might need to be your property
manager, or you might even need a separate property
management company. But if issues come up--such as things
that need to be fixed or questions about whom to send rent
to--it's better that the tenant and the board know who that
point person is."
Find out the other three of Six Best Practices for HOA
Landlords in our new article:
http://www.hoaleader.com/members/689.cfm
Best regards,
Matt Humphrey
President
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