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Do Massachusetts condo owners owe less dues if their home is a 40B affordable?
Wiki User
∙ 14y ago
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.
Wiki User
∙ 14y ago
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Have Florida legislators passed a law to force condo owners to pay their condo fees?
no but trying to If a condo owner falls more than 90 days in arrears of association, the right to use common areas can be suspended by the association until such dues are paid.
What criteria does a living space have to meet in order to be able to be called a condominium?
It's basically like apartments( mutiple dwellings) were each unit is indivually owned.You might have monthly dues and rules with a Homeowner association.Sometime Condo owners use there condo as investment property and rent their Unit(s) out.
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 should I expect when I buy my first condo?
The contract and closing process can be intimidating for any first time buyer but it is greatly rewarding. Be sure to find out the condo dues and fees and when they are due.
How much usually for condo for sale in Chicago?
There are lots of prices for condo's in the Chicago area. All of them have different factors that will affect the price. Age of the condo, dues, age of appliances, and location are all factors that will dictate the price. Also, if the condo is a foreclosure will have some bearing on the price. Generally someone can purchase a condo for about $250,000.
Are condo or homeowners dues in arrears discharged after the bank forecloses?
Only items reported to the credit bureau (s) can be "charged off" after a foreclosure and that is up to the creditors descretion. Items are discharged after a bankruptcy, not foreclosure (two separate things -- although a foreclosure can happen within a bankruptcy) Usually what happens in a foreclosure is that the assoc. dues that are in arrears are paid from proceeds at sale closing and the new owners will start fresh.
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.
Are home owners association dues tax deductible?
No, because they pay for a service, among other reasons.
Does the Prestwick development in Westlake Ohio have a home owners association?
Yes, but is not mandatory to join or pay dues.
How to Determine What Type Of Condo Insurance to Buy?
Condo insurance is not the same as insurance on conventional homes or renters. Condo owners need to ensure that their policies cover all their possessions that are not covered by the Condo Association’s insurance policy. By reading the fine print in the purchase agreement and the insurance policy, a condo owner can determine exactly what type of insurance policy will cover what is not covered by the collective insurance already provided. The condo association will normally collect dues from owners to cover common areas of the complex and sometime installations. The association’s bylaws will state exactly what is covered under the association’s policy. The association’s policy may have a deductible, which is usually divided equally among the unit owners. Collectively, owners may have a “bare walls” policy which covers all real property from the exterior framing inward, but does not cover fixtures or installations within a condo unit. Another type of policy referred to as an “all in” policy covers fixtures and installations, along with the structure and any common areas. The owner needs to know if the policy is cash value, which covers the cost of replacing the items minus depreciation, or if it covers the full replacement cost. If the association has a bare wall policy, the owner must buy insurance to cover features such as countertops, bathroom and kitchen fixtures, flooring and personal items. With an all in policy, the owner may only need to cover personal items. Most insurance companies offer a special unit owners policy, but to save money and ensure that all items are covered, the condo owner needs to determine what he owns and what is covered by the association’s policy. Condo owners are typically responsible for insuring just their property, but the rules differ from complex to complex, and it's important to ask the right questions to ensure you have proper insurance coverage. Usually, condo owners are not responsible for cutting the grass or shoveling ice from the front walk, but they must insure that the proper condo insurance is in place to protect them from any lawsuits related to these things.
Can a condo association require open voting to increase HOA dues?
Condo association bylaws typically specify the process for voting on changes to HOA dues. While some associations may require open voting, others may allow for private or proxy voting. It ultimately depends on the specific rules and regulations outlined in the association's governing documents. Owners should consult the bylaws or seek legal advice to understand their specific rights and responsibilities in this regard.
What is a condo POA?
In this context, POA probably means property owners association. This is the legal entity that owns and operates all the real estate assets that unit owners own in common. It's governing documents set forth the guidelines for life in the community.
