0
What can a homeowners association do if your home is for sale and you do not pay?
Wiki User
∙ 14y ago
It can place a lien on your property that must be paid from the proceeds of the sale.
Also, the buyer's bank will require a title examination to disclose any liens, encumbrances or defects in the title. One of the responsibilities of the buyer's attorney is to make certain there are no common charges or municipal charges due. The seller must clear up any liens or encumbrances that are reported.
Wiki User
∙ 14y ago
If a homeowner is part of a homeowners association (HOA) and they are not paying their dues or assessments, the HOA typically has the right to place a lien on the property. This means that if the homeowner sells the property, the HOA will be entitled to collect the unpaid dues from the proceeds of the sale. Additionally, the HOA may take legal action, such as filing a lawsuit, to recover the unpaid dues.
Add your answer:
Earn +20 pts
How can homeowners insurance pay for homeowners association dues if i cannot pay?
It won't. Homeowners insurance is protection from sudden accidental losses, it does cover association dues.
Will homeowners pay for theift while staying at their home?
Some homeowners may pay for theft for those staying in their home. Many homeowners insurance policies cover theft inside the home and the policy can be used to replace stolen items.
Does my homeowners insurance pay for your loss of pay when you fall in your own home and out of work?
No
Does homeowners insurance cover your mortgage if you are laid off?
No. This is not what homeowners insurance is for. Homeowners insurance is to pay for physical damage to your home and contents.
How do you get insurance for external damage to homeowners association buildings?
Any damage to the association building can be collected through the tenants of the association. The tenants insurance will pay a limited amount for the repairs.
Does the bank pay homeowners association fees after the sheriff sale?
An association-savvy attorney can help you understand your state law -- there is no federal standard about how proceeds are used from this sale. Depending on the actions taken by the association, i.e., a lien taken out against the title based on overdue assessments, the proceeds from the sale may be used to pay some assessments, based on the lien priority and the other debts owed for which the sheriff sold the property. The bank may be subject to paying assessments if they acted to foreclose the property, and owned it without paying assessments. Again, action of the association is key here.
Do have to pay capital gains tax on the sale of a prefabricated home?
Probably not...but there are many circumstances that you would. The main thing is, was it accounted for as your home (did you take homeowners deductions) or as something else (say as an investment). As a home, there are many ways the gain on sale isn't taxable at all...although it may even depend on what you did with the money from the sale (buying another home with it within a few years for example).
What happens if you cannot afford the homeowners insurance deductible?
Normally when you buy a house, you will be required to get home owner's insurance and pay a deductible. If you can pay the deductible, you may lose your homeowners insurance.
Will homeowners insurance pay for cracked slab in home?
Depends on the cause. Typically settling and sink hole is not covered under a homeowners policy.
Do you have to pay the balance in a home foreclosure sale?
no
Do you have to pay taxes on your home sale?
yes
Does home insurance pay for home equity line of credit when you have a house fire?
No, it won't pay your mortgage note or your equity line note, but your homeowners insurance will pay to repair the fire damage to your home.
