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What are the implications of having a condominium association putting a lien on your condo home?
Wiki User
∙ 14y ago
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.
Wiki User
∙ 14y ago
Wiki User
∙ 7y agoSimple answer: The implication is that you cannot sell or mortgage your home until the lien is paid.
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