When a condo owner does not pay monthly fees can the association collect late fees or interest?
Yes, generally. Your governing documents could be very specific on this issue.
(Generally, assessments are levied against owners in order to pay the operating expenses of the community. Often, not only do owners agree to pay them when they purchase a unit, but your governing documents may indicate that the liability to pay is also a personal liability.)
It's a good idea for the association's treasurer to set the late fee amount and the due date and remind owners annually. Often these details are included in assessment payment book coupons.
Interest is also chargeable, but only according to the amounts documented in the CC&Rs.
Finally, depending on the expenses that the assessments pay monthly, the association may deny services to a non-paying owner, to and including utilities, club room or pool access, and so forth. As a last resort, the association may be able to sell the unit to retire the debt.
Read your governing documents to determine which actions your association can take in order to collect assessments that you owe and do not pay. As well, it's reasonable, for example, that if you don't pay your monthly assessments, and the association pays your electric bill from assessments that are collected, that they can deny electric service to you, since you aren't paying for it. Read More
A condo association is a term that is used to describe a group of common ownership communities. They have the right to collect fees, regulate rules and put liens on homes. Read More
Yes. Read your governing documents to remind yourself of your legal obligations to the association, and the association's responsibilities, which may include foreclosing on a unit in order to, for example, satisfy a debt because the owner refused to pay monthly and other assessments. Read More
They usually don't foreclose for a condo fee, but they will place a lien on the home, meaning it cannot be sold until the lien is resolved. You can read all about the association's responsibilities to collect condominium assessments and the process that can be followed in order to collect this debt in your governing documents. Foreclosing on your unit is usually an option, and the last one that an association would probably pursue. But… Read More
Probably not, since your monthly assessments pay operational bills and contributions to reserves for replacing major real estate assets, none of which is tax deductible. Read More
Yes. The association can file a lien on your title to force you to pay a debt that you owe, usually unpaid monthly assessments. Read More
Lost my job have not paid condo fees for years I own my condo and pay monthly mortgage but not enough money for condo fees. I am on ssi and food stamps.?
You can wait for the association to take action against you for the debt you owe, or you can take action and explore payment plans that fit into your current situation. Read More
The condo association may file a lien against your condo unit. If you still don't pay the dues you owe, the condo association may sue you to foreclose on your condo. I highly recommend working out a payment plan with the association, if possible. When you don't pay your assessments, essentially you ask your neighbors to pay your bills. Read More
The problem with suing the board is this: you are essentially suing yourself. Collect all the documentation sent to you by the association regarding the pool closing, and sit down with a common interest community-savvy attorney, to better understand your options. Read More
If condo association forecloses on an owner does the lender pursue deficiency judgment against the owner or condo association?
Your attorney can help you answer this question, since it requires a legal answer. Read More
SBA loans are vetted for use by small business. The association may be a small business, but the purpose of the loan should be to expand and grow the business, which is not a goal of an association in a common interest community. If the association needs money and wants to take out a loan, there are banks that will loan money to associations, based on the association's ability to collect assessments from owners. Best… Read More
Absolutely, yes. The association may be incorporated as a profit, not for profit, or an unincorporated association. Read More
State Farm, Progressive and Geico are some well known companies that offer condo association insurance policies. There are local and lesser known companies such as Melendez Insurance that offer condo association insurance policies also. Read More
Can a New York Condo association collect rent from the tenant if the unit owner is delinquent in paying common charges?
There is no universal rule or law to that effect in New York. You need to check the rules and regulations in any particular condominium. Condominium Master Deeds generally reserve the right to amend existing rules and regulations and and adopt new ones. New rules are being passed that facilitate the collection of delinquent condo fees and assessments. Many condo associations have adopted a new rule that allows associations to collect rent from tenants when… Read More
Is there a law regarding condo fees I live in a four-unit condo One of the members has not paid his condo fee for 7 months?
Yes, and the law is a local state law, plus the governing documents under which the association operates the property. Read your governing documents and follow the guidelines there to collect the past-due assessments. Read More
Condo property management can be found from websites such as Condo Inc and All Property Management. Another example of a website is Condo Association Management. Read More
Follow the stipulations as they appear in the condominium agreement signed by the owner. These are called governing documents. Best practices dictate that the association work with their association-savvy attorney to collect unpaid assessments. That partnership means that the association will follow its own guidelines, and that the owner will pay all costs associated with collection, and ultimately, if necessary, the proper lien filed in order to protect the interests of the association. Read More
Your interest in the condo will be considered part of your assets. Read More
What is the concept that for instance you are on a board for your condo but you also get referrals for your business through your association with the board?
The concept is called 'conflict of interest', especially if your position on the board benefits you financially through your business. Read More
Only if the Condo Association allows it. It could otherwise fine you. Read More
Yes. You can request the status of the association from the Secretary of State where the association is located. Read More
You'll need to be more clear about what's going on here. The "condominium" is a building. It can't "foreclose". The condo association can't "foreclose" on you either, since they don't hold title Only the title holder (i.e. your lending institution) can foreclose on the property. What the condo association can do is obtain a lien against the property. This is money you owe them, and if you try to sell the property, they're allowed to… Read More
Owners are responsible for assessments and owe these debts to the association/ corporation. If unpaid, the association can bill the owner, file a lien against the owner's title or take other collection action. Association counsel is best involved in this action, since an inappropriate or poorly filed lien can be used by the debtor to escape payment. Otherwise, associations cannot 'collect' money' from owners. Read More
Yes, in a word. If your water is paid for by the assessments you promised to pay when you purchased your unit, and you do not pay your assessments, then the association can deny you access to services, including water, for which you refuse to pay. Read your governing documents to more fully understand both your responsibility to pay assessments, and the association's duty to collect them, and the lengths to which the association can… Read More
Yes, a condominium can put a lien on your condo. The condominium depends on your payments to keep up the common areas. As a result, it has the right to collect its fees plus interest when you sell it if you do not pay your assessments and a lien is filed. As well, the association may be able to sell your unit in order to collect these unpaid assessments. Read your governing documents to remind… Read More
If you own your home outright and the condo association has placed a lien on it for unpaid condo association fees can they take your home if the fees are not paid?
Yes. Read your governing documents to verify that your monthly assessments represent an automatic lien on your title. When your board decides to file a formal lien, they are taking one of several steps they are entitled to take to collect the debt, including selling your condominium. (When you don't pay your assessments, you ask your neighbors to pay your bills.) It's a good idea to pay your assessments each month. Read More
Read your governing documents to decide why the association has filed a lien on your title. Usually, filing a lien is down the list of a series of steps that the association can take to collect a debt you owe, whether it is your regular assessments or a special assessment. Read further down the list to understand the possibility that the association can sell your unit in order to collect the debt you owe. Read More
A little, but they are different. A townhouse is usually a row house, one of several attached buildings. They may have completely separate ownership. A condominium ("condo") is often more like an apartment but essentially it is a residence that is part of a group that has shared management and maintenance. The condo owner is responsible for inside the walls the a Home Owners Association (HOA) is responsible for the outside and the grounds. The… Read More
"This depends on the type of condo, the housing market, and where in Seattle it is located. The average price for a middle range style condo can be around 250k and monthly cost will depend on you mortgage statements and you deal with the bank." Read More
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. Read More
Condo allocated for logging is recover unpaid assessments. This is in time builds up interest. Read More
Some condo association management companies in Chicago include Root Reality, Inc and SGJ Property Management. You can learn more about these companies online at their respective websites. Read More
Fiile a noise complaint with the Condo association and if that doesn't work, the local police department. Added: Loud noises from whom or what? The Condo Association MAY have control over some annoyances but for others you may need the police (as advised above). Speak to your Condo Board of DIrectors to see if they can assist you. Read More
A proxy is a document signed by an owner that gives the signer's association vote to another person. Read More
Yes. Your association counsel can guide you as to which documents must be filed and where each should be deposited. Read More
The association works with the association's counsel to pick a style of lien and file it. An improper lien or one that is not filed properly gives the owner an out. As well, be prepared to present the attorney with evidence that the association has exhausted all other means available in order to collect the past due amounts. Read More
If you owe assessments that are unpaid, you are in violation of the financial agreement you made with the association. The association is required to pursue you to collect this debt. You can read your governing documents to remember your obligation to pay assessments, and understand the steps that your association will take to collect your debt. Your board can tell you whether or not this honest debt has been reported to a credit agency. Read More
Possibly. Read your governing documents to determine your responsibilities to pay your assessments, and your board's rights and responsibilities to collect those monies, including selling your unit to satisfy the debt. Read More
Read your governing documents to determine the service period for all directors of your association. Read More
No, only defined "common areas" owned by the condo association are considered common areas, and unbuilt lots usually belong to an individual (e.g., the developer or an investor). If the association owns them, they are most likely reserved for sale to a future tenant/builder, although the proceeds of the sale will go to the association. Read More
IF my upstairs condo is untouched by a flood but the building's ground floor is damaged so badly that the entire building is unlivable would my flood insurance protect me?
Let's first review what a condo is. A condominium is an arrangement in which you own your own living space outright (your condo apartment), and you share joint ownership (with all the other condo owners) of the common spaces. There will be (at least) two insurance policies in effect: (1) the condo association policy, which covers (at least) the common areas, and (2) your own personal policy, which covers the contents of your condo apartment… Read More
Yes. The association can file a lien on your unit's title, which clouds it and which shows up on your credit rating. Read your governing documents to remind yourself of your contract with the association to pay your assessments, which the association uses to pay the expenses of operating the community. Further, understand that a lien may not be the final step that the association can take to collect this debt that you owe; the… Read More
Your dad transferred the deed to his condo to your name and reserved a life estate he married after the transfer does his wife have any legal interest in the condo?
If your dad conveyed his condo to you by deed and reserved a life estate for himself then he can use and occupy the condo during his natural life. The life estate will be extinguished upon his death or if he relinquishes it to you by a deed of release before then. His wife has no interest in the property. Read More
Yes. The association's financial advisor can help you. Read More
Yes. This is usually a last resort, but it is possible. Read More
The board or the association manager can answer your question. Read More
What is the process of your condo association putting a lien on your property if your mortgage is paid up?
The association must notify you of assessments due, and afford you a payment plan to pay your assessments. Usually, these are monthly payments you make to the association. When you don't pay your assessments, the association may file a lien on your title. What you owe to the association is not related to your mortgage. Your mortgage is a financial relationship that you have with your bank. Your assessments pay for the operation of the… Read More
What happens to the first mortgage on a condo in Florida when the condominium association forecloses for unpaid association fees?
A creditor that has perfected its lien by a court action can take possession of a property as a result of the debtor's failure to pay their debt. An HOA that has a lien on your property for unpaid fees can take possession of your property by foreclosing on that lien. Generally, in the case of an outstanding mortgage, the HOA would take possession of the property subject to the mortgage. However, the mortgage would… Read More
Can your condo association put a lien on your condo if you haven't been able to pay your maintenance fees?
Short answer: yes. Longer answer: If you are unable to keep up with paying your assessments, it's always a good idea to relay this information to your association management company and work out a payment plan. Working out a payment plan demonstrates your good intentions to pay what you owe. Ignoring attempts to collect what you owe demonstrates your willingness to require that your neighbors pay your bills. Read More