What would you like to do?
Whether you negotiate a reduction in the sell price by the amount of the special assessment, or pay it off, the minus amount to you will be the same.
Said another way, you will pay the special assessment one way or the other.
Said another way, you will pay the special assessment one way or the other.
1 person found this useful
Was this answer useful?
Thanks for the feedback!
YES, IF-IF-IF you can pay the loan off. The lender will have to be involved in the sale to get the paperwork done.Lenders will NOT release the title until the loan is paid in …full. Dont get yourself in a mess trying to do it alone. Find out from the lender what the payoff is and then make sure you have that amount ready to give the lender when you complete the sale. Good Luck What if creditors already are looking for it/reposession order already out for it? Can this still be done? Likely the only way to do it is CALL the lender, get the payoff and get that amount to them NOW.They want the money more than the car.....
You live in a condo and fourteen people are behind in assessment can the board put a lien on the unit owners who own the largest amount?
Sure--if you would like to retain a discrimination law attorney. If the board decides to file liens against delinquent condo owners, then it must file liens against all …delinquent owners, not just some, unless there is a good reason (such as some owners have set up payment plans). Be sure that any offer to pay the delinquent fees without a lien is extended to all delinquent unit owners, and no delinquent unit owner gets a "better deal" than any other delinquent unit owner. Because attorney fees can be collected in lien filings (at least in my home state of WA), and lien filings can cost thousands in legal fees if not done correctly, see a real estate attorney right away.
The lien would remain on the property. That sort of thing should show up on the title examination BEFORE the sale. Then the buyer could have required the seller to pay it. Tha…t's the purpose of a "lien". You may have to have an attorney write a letter to the title company--ultimately they are paid to find such things and make sure that they get it paid at closing. The lien must have been properly recorded.
Any lien on the association probably includes a lien on every member's title. Your local court clerk can verify this. It's a good idea for the association to find a way to ge…t the lien lifted, so that individual owners can sell or refinance their individual units.
Read your governing documents to determine whether or not assessments are automatic liens. Best practices indicate that you need to work with your association's atto…rney to file the necessary paperwork to officially file a lien document with the court, and officially notify the owner that a formal lien exists upon the title to the property.
Here are the definitions you need: HOA -- home owners association special assessment -- an amount of money you are required to pay that the board has voted, and t…he owners have voted, is necessary in order to meet a financial obligation of the association lien -- a document filed by the association's counsel which clouds title to your property, requiring that the lien amount be paid before clear title is available.
Yes, a condominium can put a lien on your condo. The condominium depends on your payments to keep up the common areas. As a result, it has the right to collect its fees plus i…nterest when you sell it if you do not pay your assessments and a lien is filed. As well, the association may be able to sell your unit in order to collect these unpaid assessments. Read your governing documents to remind yourself of your agreement to pay assessments and of your association's responsibility to pursue you until the assessments are paid. When you do not pay your assessments, you're essentially asking your neighbors to pay your bills.
If Massachusetts is like most other states, the attorney who filed the lien on behalf of the association can provide you a total amount to pay, which includes the lien amount,… the attorney's fee and the filing fee. In order to lift or remove the lien, you must pay these amounts -- usually to the attorney, who will then distribute the funds to the association and keep his/her fee and expenses. Once paid, the attorney can direct you in the process to follow so you can file a 'release of lien' document with the local court, thus clearing title to your unit.
A lien for unpaid assessments has been placed on your unit by the condo association - can they foreclose on your condo owned outright?
You can find the answer you want in your governing documents. Usually, regardless of the ownership status -- outright ownership or mortgaged -- unpaid condominium as…sessments represent an automatic lien on your unit's title. Apparently, your board has filed a formal lien with the court based on these unpaid assessments. Your governing documents may detail the extent to which the board can act, which might include foreclosure on your unit in order to recover these unpaid assessments. (Your assessments pay communal fees, such as master policy insurance premiums, garbage and recycle fees, landscaping, utilities, and property management expenses, staff salaries, and more. Not paying your assessments means that you may be 'living on the backs' of your neighbors, because they are paying your share of common expenses.)
Your mortgage lender is the person who can tell you how to proceed. Generally, a lender will require that you pay the debt and remove the lien before a new financial agreeme…nt can be made based on the property.
Caution: This is not legal advice and I am not a lawyer. This is general advice and there may be exceptions from state to state. I do, however, have extensive real estate expe…rience. The buyer of the property pays off any liens. This lien must be disclosed by the owner, otherwise, you cannot close on the home and the sale is null and void. If money has changed hands, all moneys must be returned. (although it is a royal mess that is very difficult to straighten out.)
Yes, and they will. What they usually send you is a "Release Note" stating that they no longer have any financial interest in the vehicle. You keep that with your title.
Your association attorney is better prepared to answer this question in your particular situation. There is no standard.
you guys do and that would be no use for you because you are going to sell it and they get a discount
Every new car dealer does this on a daily bases.
Can a condo association President vote for unbuilt units If so is he responsible to pay association fees and special assessments for the voted units?
Your answer is complex, and requires precise definitions. Usually, unbuilt units have no voting rights, because there is no allocated interest in the association's… assets for unbuilt units. If the association president is not the developer, the president has no vested interest in voting for units the president does not own. If the president is the developer, the developer may be able to exude development or declarant's rights that address unbuilt units. Your best answer will be available from an association-savvy attorney in your local area. Be prepared to show evidence of the motions being voted upon and who is voting, based on what authority. Bottom line, it appears to be patently unfair for current owners to be burdened financially for unbuilt units, if no one else is paying the allocated interest share for those units.
Regardless of the state where the property is located, best practices dictate that you work with an association-savvy attorney to file a lien for non-payment of assessments. …There are too many types of liens, too many procedural steps to follow -- any and all of which an owner can use to void the lien you file when you file an inappropriate lien using an inappropriate process. Finally, read your governing documents to determine that the board has followed the steps outlined in its Collection Resolution and otherwise given the owner fair notice of assessments due prior to filing the appropriate legal lien.