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Depending on the county and state where your condominium is located, and depending on your governing documents, assessments and fines can automatically become liens on your condominium title.
Otherwise, your condominium Board of Directors may choose to file a lien until the special assessment is paid.
What else can I help you with?
If I decide to live in a condominium will I be responsible for the repairs myself?
Yes, you will be responsible for the repairs yourself due to your liability on the contract.
Is it possible for a land lord to make you pay for something someone else did. someone in another unit clogged up sewers am i liable?
Unless you are living in a condominium where all property owners/renters can be assessed for repairs, it does not seem likely that a landlord can assess all tenants in a building to repair a plumbing problem that would be considered a routine maintenance hazard.
Does assessed for street repairs count if the property is mortgaged in monopoly?
No they dont,it is an easy way to get out of playing street repairs.
What is a condominium fee?
Condominium ownership means paying bills for the community each month through assessments. Bills cover master insurance policy premiums, payments to reserves -- a savings account used to pay for major repairs to the buildings, such as a new roof, new windows, paint and so forth. In addition, assessments pay water and sewer bills, landscaping expenses and other professional services. Boards budget for expenses annually and establish the monthly amounts that each owner pays in assessments.
Journalize entry - Repairs to building 200 Dollars?
building repairs a\c dr 200 To cash a\c 200
What is the average lifespan of a condominium?
New owners gut and redecorate condominiums whenever they want. The key to any building's life-span is geography coupled with maintenance. There is no standard. A well-maintained condominium structure can have the same lifespan of other well-maintained buildings in the geography. If the structure is not maintained, then its life-span will be shorter.
Is protein essential to build muscle?
yes because it used for protein synthesis which then repairs the micro tears which occur during muscle building exercises
Who is employed to look after a building?
A building caretaker or building manager is typically employed to look after a building. They are responsible for overseeing maintenance, repairs, security, and ensuring the building is operating smoothly.
Why is the water shut off in the building?
The water is shut off in the building due to maintenance or repairs being conducted on the water system.
Has the nanpu bridge has any repairs?
I don't know if the nanpu bridge had any repairs or not, but i'm guessing it had repairs on the cables because they broke.
What does the community chest card you are assessed for street repairs mean?
it means if you have any hoses or hotels, you have to pay the bank(monopoly bank)the fee on the card.
What is minimal reserves in the Illinois condominium law?
The Illinois condominium law -- below -- uses the language "reasonable reserves" which leaves the dollar amount or minimum up to wide interpretation. See Chapter 9: Budgets and Reserves. Unfortunately for those of us who live in common interest communities, the law and best practices are not in sync on these matters. Ideally, an association would fund reserves so that the chances of a special assessment to pay for major repairs would be in the 1-2% range. This would be a best practice.
