Provided By Realty Times
Written By Richard Thompson
Committees serve an invaluable role in assisting the board. They allow owners to participate on focused issues without committing to years of service on the board. Each committee appointed by the board should have a written charter or marching orders which defines expectations. Here is a sample charter which can be adapted to other committee functions.
Nottacare Condominium
Budget Committee Charter
I. Purpose
The primary functions of the Budget Committee are to assist the board of directors in fulfilling its financial oversight responsibilities with respect to budgeting, finance and accounting procedures. The Committee will encourage continuous improvement of and adherence to financial policies, procedures and practices.
The role of the Committee is oversight. It is not the duty of the Committee to conduct audits or to determine whether the financial statements are complete, accurate and in accordance with generally accepted accounting principles. These are the responsibilities of independent auditors.
II. Organization
The Budget Committee shall be comprised of three or more members of Nottacare Condominium as determined by the Board of Directors.
III. Term of Office
Committee Members shall serve for one year subject to renewal by mutual agreement of the member and the board.
IV. Meetings
The Budget Committee shall meet on a quarterly basis, or more frequently as circumstances require.
V. Responsibilities and Duties
To fulfill its responsibilities and duties, the Budget Committee shall:
1.Formulate a draft Operating and Reserves Budget each year and present it for approval by the board of directors by November 1st of each year. The budget shall based on a thorough review of the current year’s actual expenses, cost increases in contracts and utilities and future reserve needs.
2.Review financial reporting procedures and fraud controls annually and make recommendations to the board for improvement.
3.Review and advise the board on special assessment proposals.
4.Review and approve the annual tax return prior to submission.
5.Advise board when a CPA review, compilation or audit is indicated.
Do you have questions regarding HOA's in your community? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, July 30, 2010
Wednesday, July 28, 2010
Add Instant Charm
Provided By My Home Ideas
Transform your home into a quaint cottage with these instant updates.
Add a Picket Fence
The big idea: Frame your cottage by installing a picket fence around your lawn. Anchor posts with bright flowers for a pop of color, or plant a climbing vine that spills over the top.
Notice the details: Pickets come in a variety of shapes and sizes. Four feet is a standard height, and the tops can sit side by side or form a gently sloping pattern.
Go Dutch
The big idea: Say hello to your neighbors--and furry friends--with a Dutch door. The swinging upper sash invites cool breezes and natural light and adds a casual and friendly feel to any entryway or kitchen.
Notice the details: Original to Netherland farmhouses, a Dutch door is divided horizontally, so the top and bottom open independently of each other. Closing the lower part creates a gate, keeping small children and pets contained.
Dress Up Your Porch
The big idea: Create a welcoming outdoor room by transforming a porch into extra living space. Approach the decorating as you do inside: Combine comfortable furniture (weather-resistant works best) and eye-catching yet durable accessories for a space that invites lounging.
Notice the details: Explore vintage shops for colorful accents, like an antique birdbath turned into an urn for flowers, to blend with outdoor fabric.
Notice the details: Durable porch paint and a polyurethane topcoat allow a floor to withstand foot traffic. If you prefer a worn look, skip the topcoat and use latex paint that will chip and scratch naturally.
Notice the details: Add architectural interest by applying beaded-board paneling along your shelves’ back wall.
Are you looking for a home that you can add instant charm to? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Transform your home into a quaint cottage with these instant updates.
Add a Picket Fence
The big idea: Frame your cottage by installing a picket fence around your lawn. Anchor posts with bright flowers for a pop of color, or plant a climbing vine that spills over the top.
Notice the details: Pickets come in a variety of shapes and sizes. Four feet is a standard height, and the tops can sit side by side or form a gently sloping pattern.
The big idea: Say hello to your neighbors--and furry friends--with a Dutch door. The swinging upper sash invites cool breezes and natural light and adds a casual and friendly feel to any entryway or kitchen.
Notice the details: Original to Netherland farmhouses, a Dutch door is divided horizontally, so the top and bottom open independently of each other. Closing the lower part creates a gate, keeping small children and pets contained.
The big idea: Create a welcoming outdoor room by transforming a porch into extra living space. Approach the decorating as you do inside: Combine comfortable furniture (weather-resistant works best) and eye-catching yet durable accessories for a space that invites lounging.
Notice the details: Explore vintage shops for colorful accents, like an antique birdbath turned into an urn for flowers, to blend with outdoor fabric.
Install Beaded Board
The big idea: Cover plain walls with beaded board to add a layer of texture and cottage character. Named for the thin, rounded “bead” that separates each wooden strip, beaded board is a classic choice for traditional paneling or wainscoting and creates a time-honored look.
Notice the details: Use beaded board on a ceiling to visually lengthen or widen a space. It also camouflages damaged walls and covers up unsightly popcorn ceilings.
Install a Farmhouse Sink
The big idea: No cottage is complete without a farmhouse, or apron-front, sink. Because of its depth and wide base, the style is ideal for fitting cookie sheets and family dinner-size pots and pans.
Notice the details: A two-handled faucet that’s mounted on top, like this vintage bridge-style model, swings out of the way and complements the old feel of the sink
Paint a Wooden Floor
The big idea: Paint an overscale pattern on the floor for high drama. Whether you choose a bold, geometric design or solid wash of color, a painted floor makes a big impression.
Notice the details: Durable porch paint and a polyurethane topcoat allow a floor to withstand foot traffic. If you prefer a worn look, skip the topcoat and use latex paint that will chip and scratch naturally.
Open Up Your Shelves
The big idea: Update basic or stock kitchen cabinets by removing the doors to show off your favorite collections. Open shelves not only keep items within easy reach but they also make a decorative statements out of cookbooks and appliances.
Notice the details: Add architectural interest by applying beaded-board paneling along your shelves’ back wall.
Plant a Window Box
The big idea: Hang window boxes on the front of your cottage for a romantic look. Overflowing with lush annuals and punctuated with various textures and bursts of seasonal color, these containers will seamlessly blend your house and garden and instantly boost curb appeal.
Notice the details: Proper scale is essential when adding window boxes. The planter should be the same width as the window to avoid a wimpy, barely there look.
Monday, July 26, 2010
TEXAS LEADS ECONOMIC RECOVERY
Provided By RECON
Texas is leading the United States in the current U-shaped economic recovery. The state’s economy experienced its second month of positive annual employment growth after 16 months of job losses.
Texas’ annual employment growth rate was 0.9 percent from June 2009 to June 2010 compared with a negative rate of 0.1 percent for the nation. After 17 months of job losses, the state’s private sector posted a positive annual employment growth rate of 0.4 percent.
The state’s seasonally adjusted unemployment rate rose from 7.8 percent in June 2009 to 8.2 percent in June 2010, while the U.S. rate in June was 9.5 percent, the same as in June 2009.
Six Texas industries — education and health services; mining and logging; professional and business services; leisure and hospitality; manufacturing; and transportation, warehousing, utilities — and the government sector had more jobs in June 2010 than in June 2009. Five other industries experienced net job losses over the same period.
Sixteen Texas metro areas experienced positive employment growth rates from June 2009 to June 2010, up from 13 for the period from May 2009 to May 2010. College Station-Bryan ranked first in job creation followed by San Angelo, McAllen-Edinburg-Mission, Killeen-Temple-Fort Hood and Waco.
The state’s actual unemployment rate in June 2010 was 8.5 percent. Midland had the lowest unemployment rate followed by Amarillo, Lubbock, San Angelo, Abilene and College Station-Bryan.
The Real Estate Center's complete economic review is available on the Center's website.
Texas is growing and so is DFW, are you ready to make a move to one of Texas' leading cities? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Texas is leading the United States in the current U-shaped economic recovery. The state’s economy experienced its second month of positive annual employment growth after 16 months of job losses.
Texas’ annual employment growth rate was 0.9 percent from June 2009 to June 2010 compared with a negative rate of 0.1 percent for the nation. After 17 months of job losses, the state’s private sector posted a positive annual employment growth rate of 0.4 percent.
The state’s seasonally adjusted unemployment rate rose from 7.8 percent in June 2009 to 8.2 percent in June 2010, while the U.S. rate in June was 9.5 percent, the same as in June 2009.
Six Texas industries — education and health services; mining and logging; professional and business services; leisure and hospitality; manufacturing; and transportation, warehousing, utilities — and the government sector had more jobs in June 2010 than in June 2009. Five other industries experienced net job losses over the same period.
Sixteen Texas metro areas experienced positive employment growth rates from June 2009 to June 2010, up from 13 for the period from May 2009 to May 2010. College Station-Bryan ranked first in job creation followed by San Angelo, McAllen-Edinburg-Mission, Killeen-Temple-Fort Hood and Waco.
The state’s actual unemployment rate in June 2010 was 8.5 percent. Midland had the lowest unemployment rate followed by Amarillo, Lubbock, San Angelo, Abilene and College Station-Bryan.
The Real Estate Center's complete economic review is available on the Center's website.
Texas is growing and so is DFW, are you ready to make a move to one of Texas' leading cities? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Friday, July 23, 2010
Choosing The Best Lender
Published By Yahoo! Real Estate
You're shopping for a mortgage and you've received four offers from four lenders. How do you choose? The first factor most people consider is the interest rate and other costs, but that's only the beginning. You'll also want to think about the lenders themselves, not simply the numbers they're tossing your way.
Here are five steps to follow when determining which lender is right for you:
1. Compare fees as well as interest rates
Comparing loans based on their annual percentage rate (APR) is a good place to start, but it's not enough. In the case of a mortgage, to get a more accurate breakdown of costs, ask the various lenders for a formal "good faith estimate" of all the fees you'll incur with your loan -- this is a standard form lenders must provide you that is more detailed than the overview you'll get with an offer. Also, ask about potential charges that may not appear on that list, such as prepayment penalties. You're not just comparing numbers here: determine how honest and upfront you feel the lender is being, and don't use a lender that you feel is evading your questions.
2. Consider your individual circumstances
Bigger lenders aren't necessarily better than smaller ones, especially if you have unusual circumstances. For example, some lenders specialize in loans for people with poor credit, while others may have more options for those with small down payments. If you have special borrowing needs, look for a lender with experience working with people in similar situations.
3. Look at the range of loan types available
There are more loan options available than ever before, so take advantage of all that choice. Look for a lender who offers a wide variety of loan types, from conventional fixed-rate and adjustable-rate to newer ones such as hybrid ARMs and option ARMs. Your lender should be able to match you with a mortgage that's right for your financial situation and risk tolerance.
4. Evaluate the level of customer service
When you're comparing offers, ask each lender about their policy regarding locking in their quoted rates and see whether there is a fee. Also, ask them to amend one of the terms (such as a payment cap) and see how willingly they agree. You're looking for flexibility and responsiveness. And also note how well they listen to you. If you ask for a 30-year fixed-rate mortgage, they ought to present that as an option, not push you toward something different, such as an interest-only loan. If you're not getting good service from a lender who is competing for your business, you're not likely to get it after you've agreed to work with them.
5. Check out the lender's reputation
Word of mouth is important in every business, including the loan market. If you've never worked with a particular lender, you'll want to find out the opinion of people who have.
Do you need help with your home mortgage? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
You're shopping for a mortgage and you've received four offers from four lenders. How do you choose? The first factor most people consider is the interest rate and other costs, but that's only the beginning. You'll also want to think about the lenders themselves, not simply the numbers they're tossing your way.
Here are five steps to follow when determining which lender is right for you:
1. Compare fees as well as interest rates
Comparing loans based on their annual percentage rate (APR) is a good place to start, but it's not enough. In the case of a mortgage, to get a more accurate breakdown of costs, ask the various lenders for a formal "good faith estimate" of all the fees you'll incur with your loan -- this is a standard form lenders must provide you that is more detailed than the overview you'll get with an offer. Also, ask about potential charges that may not appear on that list, such as prepayment penalties. You're not just comparing numbers here: determine how honest and upfront you feel the lender is being, and don't use a lender that you feel is evading your questions.
2. Consider your individual circumstances
Bigger lenders aren't necessarily better than smaller ones, especially if you have unusual circumstances. For example, some lenders specialize in loans for people with poor credit, while others may have more options for those with small down payments. If you have special borrowing needs, look for a lender with experience working with people in similar situations.
3. Look at the range of loan types available
There are more loan options available than ever before, so take advantage of all that choice. Look for a lender who offers a wide variety of loan types, from conventional fixed-rate and adjustable-rate to newer ones such as hybrid ARMs and option ARMs. Your lender should be able to match you with a mortgage that's right for your financial situation and risk tolerance.
4. Evaluate the level of customer service
When you're comparing offers, ask each lender about their policy regarding locking in their quoted rates and see whether there is a fee. Also, ask them to amend one of the terms (such as a payment cap) and see how willingly they agree. You're looking for flexibility and responsiveness. And also note how well they listen to you. If you ask for a 30-year fixed-rate mortgage, they ought to present that as an option, not push you toward something different, such as an interest-only loan. If you're not getting good service from a lender who is competing for your business, you're not likely to get it after you've agreed to work with them.
5. Check out the lender's reputation
Word of mouth is important in every business, including the loan market. If you've never worked with a particular lender, you'll want to find out the opinion of people who have.
Do you need help with your home mortgage? Give us a call at 972-772-7000 or email us at rockwall@kw.com.
Wednesday, July 21, 2010
Avoid These Huge House Seller Mistakes
Written By Darline Bazile
Provided By Real Estate Articles
You would like to get the best price for your house, plus sell it in the least amount of time. In a buyers’ market like the one emerging now, houses will take longer to sell. For that reason, it’s important that you make the right moves in the very beginning of your homeselling process to remain competitive. Here are some top house seller mistakes and traps that home owners fall into and how to avoid them.
* Over-pricing – It’s easy to believe your house is worth a lot more than the current market may support, especially after the long run-up in home prices. Given that house costs have cooled down in markets around the country, house sellers should be willing to negotiate on price and terms, and stay flexible to other stipulations benefiting the buyer. Sellers should also keep their feelings under control during the process. After all, your house is special to you and the family, and you’re pleased with the improvements you’ve made over the years. However, how does your house really stand up to the others? And are those upgrades important to a potential buyer? To find out a fair listing price, get sales statistics on homes in the neighborhood including listing prices and actual sales prices, how long it took for the homes to sell, and government valuation comparisons. You’ll also need a market appraisal on your property. Visit properties for sale in your area and examine what you see in terms of sales appeal.
* Negligent Housekeeping – Buyers have to be able to imagine themselves living in the house. Have a good, objective look at the actual condition of your house. Clean, well-kept homes with an updated appearance always stand out, and a little decorating appeal can go a long way. You don’t have to purchase new furniture in order to produce charm, however , you can put toys and clutter away, freshen up paint and carpet, make the most of window coverings, and give a few key accessories in order to send out welcoming signals.
* Failing to Fix-It – Buyers, unless they are searching for a fixer-upper, would prefer to move into a house that’s in perfect or near-perfect condition. If they have to repair the roof, a broken tile floor, the garage door, worn carpet or just about anything, this could give them pause about buying. At the minimum, it may reduce the value of the home in the prospective buyer’s mind.
* Not Identifying Exclusions – This can be a cause of contention just at a critical point in the sale. Make sure to specify any special sales factors or exclusions from the fixtures and furnishings list. Generally, anything permanently fixed to the house is an asset that stays with the home after the sale. Therefore you intend to take your grandmother’s antique chandelier that’s hanging in the dining room, clearly specify the chandelier isn’t included in the sale price.
* Not Understanding the Agent Agreement – Your sales endeavor will certainly go easiest when all parties have a clear understanding of exactly what is expected. Understand the types of agency agreements when you sign with a real estate professional or company. Make sure to check on fees, commission percentages, marketing plans and timeframes. Just remember, get everything in writing.
Looking for help and the right answers in regards to selling your home? Give us a call at 972-772-7000 or email us rockwall@kw.com.
Provided By Real Estate Articles
You would like to get the best price for your house, plus sell it in the least amount of time. In a buyers’ market like the one emerging now, houses will take longer to sell. For that reason, it’s important that you make the right moves in the very beginning of your homeselling process to remain competitive. Here are some top house seller mistakes and traps that home owners fall into and how to avoid them.
* Over-pricing – It’s easy to believe your house is worth a lot more than the current market may support, especially after the long run-up in home prices. Given that house costs have cooled down in markets around the country, house sellers should be willing to negotiate on price and terms, and stay flexible to other stipulations benefiting the buyer. Sellers should also keep their feelings under control during the process. After all, your house is special to you and the family, and you’re pleased with the improvements you’ve made over the years. However, how does your house really stand up to the others? And are those upgrades important to a potential buyer? To find out a fair listing price, get sales statistics on homes in the neighborhood including listing prices and actual sales prices, how long it took for the homes to sell, and government valuation comparisons. You’ll also need a market appraisal on your property. Visit properties for sale in your area and examine what you see in terms of sales appeal.
* Negligent Housekeeping – Buyers have to be able to imagine themselves living in the house. Have a good, objective look at the actual condition of your house. Clean, well-kept homes with an updated appearance always stand out, and a little decorating appeal can go a long way. You don’t have to purchase new furniture in order to produce charm, however , you can put toys and clutter away, freshen up paint and carpet, make the most of window coverings, and give a few key accessories in order to send out welcoming signals.
* Failing to Fix-It – Buyers, unless they are searching for a fixer-upper, would prefer to move into a house that’s in perfect or near-perfect condition. If they have to repair the roof, a broken tile floor, the garage door, worn carpet or just about anything, this could give them pause about buying. At the minimum, it may reduce the value of the home in the prospective buyer’s mind.
* Not Identifying Exclusions – This can be a cause of contention just at a critical point in the sale. Make sure to specify any special sales factors or exclusions from the fixtures and furnishings list. Generally, anything permanently fixed to the house is an asset that stays with the home after the sale. Therefore you intend to take your grandmother’s antique chandelier that’s hanging in the dining room, clearly specify the chandelier isn’t included in the sale price.
* Not Understanding the Agent Agreement – Your sales endeavor will certainly go easiest when all parties have a clear understanding of exactly what is expected. Understand the types of agency agreements when you sign with a real estate professional or company. Make sure to check on fees, commission percentages, marketing plans and timeframes. Just remember, get everything in writing.
Looking for help and the right answers in regards to selling your home? Give us a call at 972-772-7000 or email us rockwall@kw.com.
Subscribe to:
Posts (Atom)