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INSURANCE COMPANIES SHOULD REVIEW & REQUIRE REVISION OF CONDOMINIUM DOCUMENTS PRIOR TO POLICY ISSUANCE

INSURANCE COMPANIES SHOULD REVIEW & REQUIRE REVISION OF CONDOMINIUM DOCUMENTS PRIOR TO POLICY ISSUANCE

Condominium documents have become so restrictive of unit owner conduct and overly punitive for non-compliance. Punitive fines can be as high as $1000 for merely moving boxes or a piece of furniture out of a unit without prior approval. Massachusetts case has supported Condo Boards, reinforcing and perpetuating the erosion of unit owner sovereignty over their unit. The result: litigation. Litigation that insurance companies pay for and which can increase the risk of loss to mortgage companies that lend to unit owners. Insurance and mortgage companies should consider reviewing condominium documents for overly restrictive or punitive provisions prior to insuring condo boards or lending to buyers.

PERILS OF TEMPLATE & SELF-DRAFTED CONTRACTS

A contract is the document that details the agreement between parties. It governs the rights, obligations and remedies of the parties, and identifies all aspects of the agreement. Many parties to a contract to simply obtain a template or sample contract online without knowing whether it was drafted by a qualified person, if it is applicable in the state the parties are in, applicable to the type of transaction between the parties, if it includes all the necessary or important terms, or whether it includes language that improperly benefits or hurts one party or the other. Sometimes a template or random sample contract can do more harm than good. The cost of contract drafting and revision is relatively inexpensive, especially when compared to the costs in time, money and frustration of a poorly drafted contract. If you are in need of contract drafting, contract review and/or contract revisions, contact the contract lawyers at The Jacobs Law today.