FICPA: Common Interest Realty Associations

Agent Accused of Real Estate Fraud at Center of Bizarre Condo Foreclosure

Foreclosure proceedings on Alejandro Salazar's Tampa condo had dragged on so long he finally called the bank this summer to ask why. Because, the bank told him, your attorney has been fighting us for a year.

Condo Rules & Compassion Argued as 55-Plus Community Seeks to Evict Girl, 6

Children aren't allowed to live in houses in the Lakes Homeowners Association in Pinellas County, Fla., which is designated a 55-and-older community in accord with federal fair housing law. But Kimberly Broffman, now 6, has lived there with her grandparents since she was a baby. Originally, Judie and Jimmy Stotler took Kimberly and her mother in. When Melanie Broffman began using drugs, however, they demanded that she leave and took custody, recounts the St. Petersburg Times.

Aging Condos May Need Inspections

Four decades after the condo boom of the 1960s, many Fort Lauderdale high-rises are coming under the scrutiny of Broward County's 40 Year and Older Building Safety Program, which requires inspection of all buildings � including condos � for structural and electrical safety and preparation for hurricane-force winds. The mandatory inspection, which must be completed by a Florida Registered architect or engineer, includes a comprehensive examination of the structural components and electrical system. Inspections are due 40 years from the buildings' completion and every 10 years thereafter.

Tax Consequences of Mortgage Discharge

In the current real estate climate of decreased property values and excess inventories, many rental property owners are facing reduced cash flows due to vacancies. At the same time, the fair market value of their property may be close to or even less than the amount owed on the mortgage (�upside down�). Thus, CPAs are commonly asked about the tax consequences if owners are no longer able to service debt on their property and lose it to the lender or substantially modify their debt. These clients may also be interested in taking advantage of provisions of the American Recovery and Reinvestment Act of 2009 (ARRA) that allow them to defer recognition until 2014 of income from cancellation of indebtedness occurring in 2009 or 2010 and then recognize it ratably over a five-year period starting that year.

Landlord to Pay Record $2.72M in Apartment Rental Discrimination Case

Real estate mogul Donald Sterling, who owns the Los Angeles Clippers, has agreed to pay $2.725 million to settle litigation alleging that he violated fair housing law by discriminating against dozens of African-Americans, Hispanics and families with children at dozens of Los Angeles-area apartments that he also owns. The settlement is the largest ever obtained by the U.S. Department of Justice in an apartment-rental case, reports the L.A. Now blog of the Los Angeles Times.

Homeowners With Defective Drywall Take the Offensive

Homeowners with defective drywall are taking matters into their own hands. They are lobbying legislators, dialing into their builder's conference calls with investors and even creating T-shirts to get their voices heard. Some, like Lisset Sanchez-Schwartz, say they did not set out to be crusaders, but that the bad drywall in their homes and the lack of answers forced them to take action. When Sanchez-Schwartz learned her new home in Coconut Creek contained tainted Chinese drywall, she was already busy juggling her job and plans for her wedding.

Chinese Drywall Investigation to be Vigorously Pursued: CPSC Chairman

The new head of the U.S. Consumer Product Safety Commission (CPSC) has vowed to sustain a full-tilt investigation into the reported problems with Chinese drywall. Chairman Inez Tenenbaum promised a House of Representatives subcommittee on Thursday that the commission would �vigorously pursue its investigation� of the issues with defective drywall imported from China, which have resulted in at least 1,192 complaints from homeowners as of September 4.

HOA Suing Builder

ORANGE COUNTY, Fla. (WOFL FOX 35) - Moldy roofs, missing stucco and porches completely removed. It doesn't look like home sweet home but for many residents in the Phillips Bay condo community it will have to do. Brock Shields is the former homeowners association president for Phillips Bay and says the construction woes are never ending. "It's been happening since 2001. There have been issues we thought it could be patched and fixed but overtime its just systematic through the whole entire place," said Shields.

Stuart Couple in Fight with Homeowners' Association Over Cat

STUART � Mitzy is the unassuming type. She spends much of her day sitting sentry at her Stuart condo, green eyes peering out the screen door. The rest of her time is for padding at the feet of Bea Garza, her 87-year-old owner.