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What does it mean if a condo association puts a lien on your condo if you haven't been able to pay your asessment fees?
Wiki User
∙ 12y ago
As an owner, it means that your title to your unit is 'clouded' -- your title is encumbered/ not clear -- by the amount of your assessments past due and accumulating, that remain unpaid.
A lien may also appear on your personal credit report if the title is in your name.
Wiki User
∙ 12y ago
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What is the PVC pipe leading under my condo for?
Your association manager or board may be able to answer your question.
How much should I be paying for condo insurance?
The value of your insurance depends upon the value of your condo. The important thing is that you have enough insurance to replace the condo. If you got the condo for a low price many years ago you can't insure it for that because you'd not be able to get another to replace if it were destroyed. The cost of the insurance on yor condo is based on several factors. In some cases your condo association will dictate the amount of coverage you must have.
Is a unit of a condo association able to secure a SBA loan if association rents out property?
No, a unit of a condo association does not have the authority to secure a Small Business Administration (SBA) loan. SBA loans are typically available to individual businesses, and not to individual condo unit owners or associations. It is important to consult with a financial professional or lender to determine the best financing options for the condo association.
Can a condo association take my condo after placing a lien?
Typically, yes, if it is a bona fide lien due to not paying your assessments or for a fine as a result of non-compliance with house rules. Note that laws vary from state to state, so it is a good idea to talk with an association-savvy attorney in your area for more info on your state's laws. Try to work out a payment plan with the condo association if you are in financial trouble. Your mortgage company might also be able to help. Note, however, that they may declare your loan in default for not paying your assessments.
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.
Can you lose your mortgage free home for nonpayment of condo fee in New Hampshire?
Yes, it is possible to lose your mortgage-free home in New Hampshire for nonpayment of condo fees. Condo fees are considered a lien on the property, and if they are not paid, the association may take legal action, including foreclosing on the property. It is important to review the specific terms and conditions of your condo association to understand the potential consequences for nonpayment.
Need copy of condo insurance policy?
A homeowners policy for the owner of a condominium would be form HO-6. This is the policy that you would ask for. It covers the items owned by the condo-owner which is usually from the sheetrock inward. This would include the paint or wallpaper, flooring, and everything else inside the home plus a share of the common items shared by members of the condo association. These items are usually the roof, the landscaping, roads, parking, swimming pools, common rooms or meeting areas. While this is generally true, it may not answer the question. You should be able to obtain a copy of the master policy from the condo association. You can certainly get a copy of your own HO-6 from your own insurance agent.
How do you lock your cub condo on BABV?
When you click on the purple house in the bottom right corner, a little menu will pop up. It gives you three options: Go to your cub condo, visit a friend's condo, or options. Click options and then you will be able to lock your condo.
What determines in a condo association an easement as to whether or not it is ingress and egress?
Somewhere in your governing documents, probably in pages filed with the local property tax authority, you should be able to find a legal description of the land, which will make this easement specification.
What are the condo association's liabilities if they allow a condo owner to voluntarily clean the carpet in the common area?
There is no standard. Association counsel may be a good first stop in order to ascertain all the variables. The situation requires evidence of the permission granted, together with the conditions specified in the permission. Otherwise, if the damage is an insurance loss, the association can work with the master-policy carrier who can help determine who is responsible to repair the damage. The owner may carry insurance that can be tapped for this purpose. If this is a personal injury matter, an attorney specializing in that practice may be able to counsel both parties.
Can you sublet your condo when your documents say no?
When you sublet your condominium when it is not allowed, the association may be able to step into the revenue stream and fine you the equivalent of your rental income, in which case, financially, you lose the use of your real estate and lose the benefit of making money from it.
How do you find an owner financed condo in Missouri?
A local realtor may be able to help you.
