DEAR BENNY: What exactly is a “lock”? We are purchasing a condo, and the lender asked if we want to lock in the rate. We told him yes, but we are not sure what that means and whether we should ...
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DEAR BENNY: Our condominium declaration allows renting but there is no rental cap or time period for the lease. We have a waiting list of people who want to rent their units. Currently, we have four owners leasing their units. ...Read More »
Thousands of condominiums and housing cooperatives that were damaged when Sandy struck the East Coast last year learned – after the fact – that they were not eligible for money grants from the Federal Emergency Management Agency (FEMA). Unlike single-family homes, which can get both grants and loans, community associations are considered “business associations” and are only entitled to loans. As we all know, loans have to be repaid; grants do not.Read More »