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Do condo association assessments maintain a legal lien on an apartment property post a foreclosure auction In Florida?
Wiki User
∙ 14y ago
If your question is:
Are assessment dollars used to file a lien on a unit?
the answer is 'yes'.
If your further question is:
Are assessment dollars used to pay for the process of foreclosing on a unit?
the answer is 'maybe'.
Read your governing documents to understand the association's responsibilities, including collecting debts owed by unit owners who promise in writing to pay assessments, and then do not pay them.
Both situations described in this answer can be the result of the association doing its job by selling a unit to recover a debt owed by the unit owner.
Wiki User
∙ 14y ago
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Who is responsibile for paying delinquent condo association fees once the property is foreclosed?
Best practices dictate that the board and association manager review the local laws and work with the bank to collect unpaid assessments and maintain currency with assessments as they are due until the unit is sold. Your local association-savvy attorney may also have some ideas about collecting these assessments. Unpaid assessments can only be paid once the unit is sold, usually. Your answer may be location-centric. In some states, assessments have a 'super-priority' in terms of who gets paid first -- but only for six months' worth of assessments. In some locations, smart associations pursue the banks for unpaid assessments and force payment with ongoing payments until the unit is sold.
What are the limits for collecting maintenance fees for property owners association?
Limits can be interpreted in multiple ways in your question.Limits to the amount of assessments are managed by owners who vote against annual budgets. Every owner is best advised to understand how much it costs to operate the association, to protect it, to maintain it and to preserve everyone's real estate investment.Limits as to collecting unpaid assessments usually reach as high as selling a unit or a home to collect unpaid assessments. This is usually a last resort, after all other collection options have been exhausted by the board.Read your governing documents to understand how to become involved in the budget process, so at least you understand what your assessments pay for, and further, to understand your board's responsibility to collect assessments that you owe.
What is important about real estate management?
Real estate must be managed, in order to maintain the value of the investment. Homeowners manage their own investments. Apartment building owners hire property managers. Commercial buildings also require property managers. Condominium, home owners associations and co-operative buildings hire association managers. Not only do association managers handle maintenance, they handle and guide finances, tenant turnover issues, owner assessments, legal issues, insurance coverage, state laws that govern common interest communities, and so forth.
What does foreclosure of a house mean?
Foreclosure on a house means that the previous owners did not have enough money to pay for their mortgage and therefore could not afford to maintain it properly, so the bank takes ownership of it.
How often are liens on condo fees updated?
If your association has filed a lien on a title for unpaid assessments, the board worked with an association-savvy attorney to file the formal lien. Depending on the type of lien filed, the attorney and the board work together to maintain a current status of the lien, so that the cloud on the title remains. (It's unreasonable to enjoy the amenities of a condominium community without paying the assessments that you owe, especially when you believe that you can simply 'wait it out' and have the lien forgiven, based on the passage of time. It's a truly unfair way to ask your neighbors to pay your bills.)
Does HOA have responsibility to maintain lawns of vacated homes in Florida?
Read your governing documents to determine who owns the lawns of the vacated homes. Whoever owns the lawns is responsible to maintain them. For example, if the home with an owned lawn has been vacated based on a foreclosure action, and the lawn is involved in that action, the bank is responsible. It's up to the board to pursue the bank to fulfill its duties. If the association owns the lawns, then you are correct: the HOA must maintain them.
Is a chinchilla the type of pet for a small apartment?
Yes they are very easy to maintain and sleep alot but they can get noisey at night but yes a small apartment is fine
What happens to you in foreclosure of your condominium?
When your condominium is foreclosed upon, the lender assumes ownership of the unit. You may be able to work with the lender to finalize a date by which you will vacate the property; it's unreasonable that you should be allowed to maintain a household in the unit if you do not own it.
What is a HOA?
HOA, is an acronym for a homeowners' association. The purpose of a HOA is to protect, maintain and preserve the real estate owned by the association based on the recorded covenants filed as part of the deed to your home and all other homes in the HOA community.HOAs provide services, enforce regulations, collect assessments and impose fines as necessary. They also maintain private roads and keep up any common areas. The covenants that govern HOAs vary widely--ask your title company or HOA board for a copy of your covenants.Another AnswerThe association's major purpose is to operate the community as a private democracy according to the governing documents that are used to do so. Every owner signs a copy of the governing documents when purchasing property within the association. The volunteer board guides the association and yes, enforces the guidelines, and as well, is chartered by state law to protect, maintain and preserve the real estate assets that all owners own in common.Most HOAs and condominium associations are multi-million dollar corporations, based on the value of the real estate.
How much can an property maintenance fee be increase by condo association?
Read your governing documents to verify that over a certain percentage, such as a 25% increase, all mortgage lenders must be notified. Every set of documents will handle this option differently. When the increase jumps above this level, the board may want to re-think the budget, so as to avoid this level of scrutiny.The only maximum increase would be a practical maximum, based on the ability of owners to pay an increased amount.Sometimes, during the early years of a condominium association, when the developer controls the board, the monthly assessments are kept low in order to sell units. When the owners gain control of the board and a more realistic idea of expenses becomes known, assessments can take a major leap up, because of the difference between the 'sell-units assessments' amount and the 'maintain-units assessments' amount.
Can a hoa charge you hoa fees if its not in your deed?
Your association's rights and responsibilities are outlined in your governing documents, which are referenced in your deed. HOAs are based in land-use documents -- covenants, conditions, restrictions and regulations (CC&Rs), upon which your deed is based. Your association operates the community with assessments that owners pay to cover the expenses required to operate the property. As well, some assessment monies are set aside to maintain the real estate assets that owners own in common. Review your governing documents to learn more about your responsibilities as an owner who holds a deed to property in the association.
What are advantages of owning a condominium unit?
Your real estate is part of an association with a legal obligation for the board to 'protect, preserve and maintain' the collective asset. Your assessments pay for 'someone else' to handle repairs to common areas, so you are relieved of many of the maintenance issues that face single-home owners. Often, a community of neighbors can be built, because you are all co-investors.
