By Kevin Parker
January 17, 2013
Goodman, Shapiro & Lombardi, LLC has relocated its Rhode Island office to 14 Breakneck Hill Road, Suite 203, Lincoln, RI, 02865. The firm was formerly located at 395 Smith St. in Providence, RI. (more…)Read More
Someone once said that “Home is the place that you go where they have to take you in.”
Given today’s still uncertain economy, those words are ringing true in Providence and beyond.
With the onset of the Great Recession, the world’s most powerful economy went into a deep and extended contraction and correction. As a result, millions of people have lost jobs and experienced a catastrophic loss of equity in their homes, if not an out-and-out loss through foreclosure or short sales. And so, scores of family members, both young and old, are coming home.
By “home,” I mean that place where 60- to-80-something seniors are living with their 30- to-40-something children, who in turn, are living with their infant, pre-teen and teenage children as well. Throw in aunts, uncles, and cousins with their significant others, and you have some or all generations of a family living under one roof.
All this creates legal and ethical dilemmas. (more…)Read More
Goodman, Shapiro & Lombardi, LLC has relocated its Rhode Island office to 14 Breakneck Hill Road, Suite 203, Lincoln, RI, 02865. The firm was formerly located at 395 Smith St. in Providence, RI.
GSL’s Rhode Island branch, which serves hundreds of condominium associations, is expanding its services to assist real estate clients, including realtors and lendors, in securing loans and writing closing documents. (more…)Read More
A Review of 2012, a Preview of 2013
Issues affecting condominium communities are often complex and always changing, as exemplified by the news in 2012. At GSL, we try to deal with issues before they become problems, and we also try to learn from the past. Throughout our service area, we are proud to take a leadership role in our industry, whether it is sponsoring CAI and NE Condominium Expos, hosting seminars, serving on legislative action committees in Massachusetts and Rhode Island, tracking new regulations, or writing commentaries on a myriad of topics that affect our clients and colleagues.
Key to our approach is serving as a resource to you, and a major initiative in 2012 was developing a new GSL website with an informative blog, featuring posts that typically coincided with industry news. Looking back, we thought it would be helpful to review some of last year’s industry highlights with links to our blog posts and related articles. What follows are seasonal spotlights, starting with a piece last December about why associations shouldn’t take shortcuts and ending with an announcement this week about our Rhode Island office move. In between, we cover everything from smoking offenders to sexual offenders, dog days to pool days, mulch to music, loans to liens, the FHA to the SJC.
Here’s our review with links to all: (more…)Read More
Unpaid Common Fees and Bankruptcy:
Navigating the Conundrum of Financial Distress
In 1993, the Massachusetts legislature by act signed by the governor with an emergency preamble granted condominiums a limited priority lien ahead of the first mortgage, in part, to force lenders to take action when they had previously failed to act. This failure to act when lenders had the priority over associations was the cause of financial distress to associations that were not collecting sufficient common fees from delinquents. However, this great tool that levels the playing field is always under attack (1) from lenders who oppose more than one priority lien period in any 30-year mortgage and (2) unit owners who are in financial distress. (more…)Read More
‘Don’t’ Fall into the Gap:
Insurance Coverage Missteps
According to my research, in 1981 the GAP had an advertising slogan and jingle for customers to “fall into the GAP.” For condominiums, both the organization of unit owners and the unit owners themselves, that is precisely the opposite of what you want to happen with respect to insurance, that is, you don’t want to fall into the gap. (more…)Read More