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What is a condominium fee?
Condominium ownership means paying bills for the community each month through assessments. Bills cover master insurance policy premiums, payments to reserves -- a savings account used to pay for major repairs to the buildings, such as a new roof, new windows, paint and so forth. In addition, assessments pay water and sewer bills, landscaping expenses and other professional services. Boards budget for expenses annually and establish the monthly amounts that each owner pays in assessments.
Buying a Condo is it better when assessements are included or not?
A condominium living space is part of a condominium association, which is a business.The condominium association handles the preservation, maintenance and protection of all the real estate assets owned in common, which you also buy when you buy a condominium living space.Monthly assessments cover items such as master insurance policy premiums, reserves contributions -- so that common elements can be replaced at the end of their useful lives (think roofs, windows, paint, etc.).Without assessments, each owner would be responsible to pay for their own landscape maintenance, sewer, water and garbage utilities, employee payrolls, liability insurance and so forth.When buying a condominium review the monthly assessment amount being published, and confirm that indeed that amount covers all the items in the budget that by law, must be covered by assessments.Not including assessments in the purchase scenario makes no sense.
Do Massachusetts condo owners owe less dues if their home is a 40B affordable?
Your condominium assessments are monies the association uses to pay for services enjoyed by everyone in the community.Examples are sewer and water, master insurance policy premiums, landscaping, payroll, preventative maintenance and contributions to reserves.Your expenses for living in the condominium are not lower because of any designation as to its affordability, unless that precise provision is written into your governing documents or is expressed in the condominium or other Massachusetts housing law.
What does it mean when water doesnt come out of your faucet?
It could be a number of reasons. Has any of your pipes frozen? Are all of the water valves turned on? Did you pay your water bill?
What is considered cheap for condo fees?
Condominium associations develop a budget each year to pay the anticipated operating costs of the condominium community in the next year.If you live in a condominium community with zero amenities, your assessments must at least cover:your master insurance policy -- unless the owners are willing to own un-insured real estate assets;landscape expenses -- unless there is zero landscape to maintain;payments to reserves -- unless the association's owners can pay tens of thousands in special assessments when major replacements must be paid for;accounting services -- unless there is no record for assessments that are paid, no one pays the association's bills or prepares its annual tax return;basic utilities -- unless all utilities are billed to individual owners and there is no need for electricity, water, sewer or gas in the common areas;salaries -- unless there are no employees of the association; orpreventative maintenance -- unless there is none performed on the building(s),and so forth.So 'cheap' will be relative.Every condominium community is different from every other condominium community. Each is a private democracy that operates, depending on the composition of the board.Your treasurer can supply you with a copy of the budget -- a portion of which you pay monthly in assessments, based on your percentage of ownership -- and you can work with the treasurer to help reduce your annual assessments by offering ideas about ways to save expenses.
What is green condominium?
A 'green condominium' may be a condominium project built with assets focused on sustainability. Assets may include solar panels, rain-water capture mechanisms, native landscapes that require less water, even water-purification systems, perhaps, for using grey water to irrigate the golf course. There is no standard; the Public Offering Statement will describe the extent of 'green' in a condominium project. Then, governing documents including board meeting minutes will educate you in how the administration of the 'green' assets has progressed over time.
What are the implications of having a condominium association putting a lien on your condo home?
The association filed a formal lien with the court, on your condominium home -- probably -- for unpaid assessments.(Your monthly assessments pay bills to vendors who service the community, such as sewer, water, garbage, master insurance policy premiums, landscaping and so forth. When you don't pay your assessments, essentially you ask your neighbors to pay your bills.)The effect of the lien is that the title to your ownership is clouded. A lien can appear on your credit report. In order to sell your unit, the lien must be paid and the lien lifted.Read your governing documents to determine the steps that your board can take to recover the monies you owe, potentially including foreclosing on your unit in order to satisfy the lien.
How is water clarity measured in environmental assessments?
Water clarity in environmental assessments is typically measured using a device called a Secchi disk. This disk is lowered into the water until it is no longer visible, and the depth at which it disappears is recorded as a measure of water clarity.
Who turned water into wine in the Bible?
Jesus turned water into wine in the Bible.
Can a water heater explode if it is turned off?
No, a water heater cannot explode if it is turned off.
What is the purpose of condominium association insurance?
The purpose of the condominium association insurance is to guard the tenants from having to pay for water damage caused by leaky faucets or from damage to the structure of the rental establishment. The purpose of the condominium association insurance is the same as any other insurance policy and that is to have in place moneys that the tenant do not have to pay in the event of a mishap to the structure of having lived in the dwelling.
Can a condominium post the names and amount of past due assessments on the bulletin board?
You can read your governing documents to find the answer you want.Condominium assessments that owners pay are spent to cover communal costs, such as sewer and water, garbage and recycle collection, master insurance policy premiums, landscaping vendors, property management fees and so forth.Owners who do not pay their assessments or do not pay them on time are failing to live up to their agreement, which they signed when they purchased the condominium unit. When their neighbors pay on time and in full, non-paying or late-paying owners can be said to be 'living on the backs of their neighbors'.Look in your governing documents for the rights of the board to pursue unpaid or tardy assessments. These rights might include filing a fine, a formal lien -- assessments may be an automatic lien -- in a court, or foreclosing the unit to satisfy the unpaid debt.In US, there may be privacy laws that could prevent an owner's name from appearing on the bulletin board of tardy assessment payers, but it is possible that the unit number could be displayed. The unit number may be published by the treasurer in the financial reports distributed to all owners.In some countries, Japan for example, tardy assessment payers' names and unit numbers are posted on the bulletin boards, and the prevailing Japanese culture of shame motivates owners to pay their assessments.
