Tennessee Associations and Real Estate Taxes
December 16, 2013
How common areas and general common elements are treated for real estate tax purposes is often a concern for Tennessee associations. It should be noted that common areas are found in homeowners associations, and general common elements are found in condominium associations. Common areas are typically conveyed to the association. Consequently, the association owns the…
READ MOREAssessments, Reserves, and Maintenance Obligations
December 2, 2013
The biggest concern we often hear about at association meetings is assessments. Association members are right to be concerned about the cost of maintaining their association. That being said, often there seems to a disconnect between the realities of the amount of the assessments and what the assessments are for. Simply put, many associations appear…
READ MORETennessee Condominiums, Lender Foreclosures, and the Six Month Reachback
November 18, 2013
As has been previously mentioned, the Tennessee Condominium Act of 2008, Tenn. Code § 66-27-101, et seq. (the “Act”), applies in certain instances to all condominiums in Tennessee (even those created prior to January 1, 2009), but only with respect to events and circumstances that occur after January 1, 2009. See Tenn. Code § 66-27-202(a)….
READ MOREAmending Association Documents
November 4, 2013
Often we are asked about amendments to CCRs, master deeds, or bylaws. An amendment to a master deed, CCRs, or bylaws is fairly simple. It is a document that alters or otherwise changes a provision in the existing document. The amendment may add, delete, or substitute language or exhibits in a master deed, CCRs, or…
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