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Who pays for real property in condo when condo association performs demolition of roof and walls?
Wiki User
∙ 12y ago
Read your governing documents to determine ownership. There is a line between what a unit owner owns and what all unit owners own in common with all other owners.
Ownership may determine who pays, and it may not, depending on the motivation to perform demolition of roof and walls. As well, and again this is an ownership issue: which roof(s) and which wall(s) -- interior or exterior, building envelope or not?
Wiki User
∙ 12y ago
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Do you have a lein on your property?
yes but I paid cash for my condo(association dues) , can it be foreclosed if so by who i don't have a mortgage
What are some condo association management companies in Chicago?
Some condo association management companies in Chicago include Root Reality, Inc and SGJ Property Management. You can learn more about these companies online at their respective websites.
The Residential Condominium Building Association Policy (RCBAP) provides coverage for?
A Condo association purchases coverage for parts of the property that are commonly owned by the people who own Condos in the development. This is why you pay dues to the association, for insurance and taxes on common property. Most Condo agreements means that you own the property from the bare sheetrock inward, meaning you own the paint, floor covering, furniture, appliances, etc. The commonly owned property is things such as sidewalks, roof, walls, pools, etc. All owners of Condos are also insureds under the Condo agreement. Various Condo agreements can be different, and all are not the same. You need to know how your Condo is set up and what your agreement says.
Can the owner of the condominium open the business in condo?
Read your governing documents to determine the uses for your property allowed by the association.
What happens to the first mortgage on a condo in Florida when the condominium association forecloses for unpaid association fees?
For the condo association foreclosure to be valid, the bank who holds the mortgage must be notified of the foreclosure action, and the mortgage company has the opportunity to do a couple of things: They can pay the delinquent condo fees themselves, to protect their own interests, and force the borrower to pay them back. If the borrower is unable to repay the condo fees, it could put the mortgage payments in default, and be grounds for the lender to begin foreclosure proceedings. If the borrower is behind in their mortgage payments, the bank can join in the condo association's foreclosure action themselves. This is actually a great assistance to the bank, as it saves them the time and trouble of initiating the lawsuit - they just get to piggy-back on the condo association's foreclosure, which makes the foreclosure sale happen that much sooner. And since the bank's lien has priority over the condo association, the bank would be the one to get paid off first if the property got sold to a third party at the foreclosure sale, or if nobody bid on the property, they would be the ones who would become owners of the condo. If, for whatever reason, despite getting proper notice, the bank does nothing and the condo association forecloses on the property. The first mortgage holder has a lien that always survives the condo association's foreclosure. In fact, second mortgages are usually superior to the condo association's lien for unpaid maintenance fees. Usually the condo association gets stuck with owning a property with at least one outstanding mortgage with an outstanding mortgage balance greater than the actual value of the property because of the decline in real estate value. Most condo associations allow the first mortgage holder to foreclose on the property after their foreclosure is done. The main point is that in Florida a condo association foreclosure has no effect on the first mortgage.
How would you obtain a copy of condo bylaws for a place you are looking into buying?
ANSWER: Ask the realtor who is selling the property or somebody from the Homeowners' Association.
Does loss assessment cover anything?
covers you for a loss assessment made by an association of property owners on common property for a "covered" cause of loss. important distinction there. i.e. condo needs a new roof due to old age - not covered. Also there are protections built in for deductibles - so condo association cannot have an extremely high deductible and instruct association owners to put in assessment claims
Can one unit owner own a majority of a condo association property?
Read your governing documents to determine whether or not this is possible within your association. Limitations may include lenders' positions on this issue.
Is a Virginia condo parking lot considered public property?
No. If it is owned by the condominium it is private property. Access to it, and its usage can be controlled by the condo association. There is a lot misunderstanding in most people's minds, and a great deal of legal difference in terminology such as; 'public property,' 'public space,' 'open space,' 'space "to which the public is invited,"' etc., etc.. All have different interpretations and meanings under the law.
Propane grill on condo property?
Read your governing documents to determine whether or not you can grill on the property using this kind of equipment. Your board or association manager may also be able to answer your question. There is no standard.
What happens to the loan when the condominium forecloses for assessments?
You'll need to be more clear about what's going on here. The "condominium" is a building. It can't "foreclose". The condo association can't "foreclose" on you either, since they don't hold title Only the title holder (i.e. your lending institution) can foreclose on the property.What the condo association can do is obtain a lien against the property. This is money you owe them, and if you try to sell the property, they're allowed to collect the amount of the lien out of the proceeds before you see a dime. If the lender forecloses on you, the lien from the condo association doesn't go away; you still owe it, but in this case the condo association will probably take you to court to recover it, most likely by garnishing your wages unless you have sufficient assets to pay it off.
Is a condo association a business?
Absolutely, yes. The association may be incorporated as a profit, not for profit, or an unincorporated association.
