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Read your governing documents to verify that over a certain percentage, such as a 25% increase, all mortgage lenders must be notified. Every set of documents will handle this option differently. When the increase jumps above this level, the board may want to re-think the budget, so as to avoid this level of scrutiny.
The only maximum increase would be a practical maximum, based on the ability of owners to pay an increased amount.
Sometimes, during the early years of a condominium association, when the developer controls the board, the monthly assessments are kept low in order to sell units. When the owners gain control of the board and a more realistic idea of expenses becomes known, assessments can take a major leap up, because of the difference between the 'sell-units assessments' amount and the 'maintain-units assessments' amount.
What else can I help you with?
Who takes care of the condominium and the grounds?
generally this is going to be your homeowners association within the condo, although it can many times be managed by a professional management company. I personally live in a PUD (Planned Unit Development) community, which is very similar to a condo complex. In my neighborhood, all of our property maintenance and insurance issues are handled through the HOA. If all else fails, you could contact your condo association and ask them. hope this helps!
Do you have a lein on your property?
yes but I paid cash for my condo(association dues) , can it be foreclosed if so by who i don't have a mortgage
What are some condo association management companies in Chicago?
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.
What happens to the first mortgage on a condo in Florida when the condominium association forecloses for unpaid association fees?
For the condo association foreclosure to be valid, the bank who holds the mortgage must be notified of the foreclosure action, and the mortgage company has the opportunity to do a couple of things: They can pay the delinquent condo fees themselves, to protect their own interests, and force the borrower to pay them back. If the borrower is unable to repay the condo fees, it could put the mortgage payments in default, and be grounds for the lender to begin foreclosure proceedings. If the borrower is behind in their mortgage payments, the bank can join in the condo association's foreclosure action themselves. This is actually a great assistance to the bank, as it saves them the time and trouble of initiating the lawsuit - they just get to piggy-back on the condo association's foreclosure, which makes the foreclosure sale happen that much sooner. And since the bank's lien has priority over the condo association, the bank would be the one to get paid off first if the property got sold to a third party at the foreclosure sale, or if nobody bid on the property, they would be the ones who would become owners of the condo. If, for whatever reason, despite getting proper notice, the bank does nothing and the condo association forecloses on the property. The first mortgage holder has a lien that always survives the condo association's foreclosure. In fact, second mortgages are usually superior to the condo association's lien for unpaid maintenance fees. Usually the condo association gets stuck with owning a property with at least one outstanding mortgage with an outstanding mortgage balance greater than the actual value of the property because of the decline in real estate value. Most condo associations allow the first mortgage holder to foreclose on the property after their foreclosure is done. The main point is that in Florida a condo association foreclosure has no effect on the first mortgage.
The Residential Condominium Building Association Policy (RCBAP) provides coverage for?
A Condo association purchases coverage for parts of the property that are commonly owned by the people who own Condos in the development. This is why you pay dues to the association, for insurance and taxes on common property. Most Condo agreements means that you own the property from the bare sheetrock inward, meaning you own the paint, floor covering, furniture, appliances, etc. The commonly owned property is things such as sidewalks, roof, walls, pools, etc. All owners of Condos are also insureds under the Condo agreement. Various Condo agreements can be different, and all are not the same. You need to know how your Condo is set up and what your agreement says.
Can the owner of the condominium open the business in condo?
Read your governing documents to determine the uses for your property allowed by the association.
Are condo associations hiring repairs required to carry workmans comp insurance?
Even if a condo association does not have direct employees, there can still be potential situations where workers compensation coverage is beneficial. For instance, should an injury happen on site to a worker from the property management company or to a subcontractor, some states might hold the property owner (the condo association in this case) liable, despite the worker not being a direct employee of the association. It's also worth bearing in mind how your property management company handles their own insurance. Some property management firms, like Daisy Property Management, ensure that all their staff and subcontractors are properly covered, giving peace of mind to the condo associations we support. However, it's always beneficial to have a comprehensive review of your condo association's insurance portfolio completed by a licensed insurance professional to ensure there are no gaps in coverage. This should ideally be updated annually or when there are significant changes to the association's properties or operations.
What is the use of Condo Associations?
Their role essentially shapes the quality of life within the condominium, as they make key decisions pertaining to the aesthetics, maintenance, and overall functioning of the community. At Daisy Property Management, I've seen just how much a dedicated and efficient condo association can enhance the living experience within a condominium community.
What if the condo owner does not keep condo in good condition?
Usually the governing documents for a condominium association detail the level to which a unit owner must maintain the interior of a unit. The board may enforce the covenants of the community by sending a notice to a condominium owner whose upkeep of his or her unit is in violation with the governing documents.
How would you obtain a copy of condo bylaws for a place you are looking into buying?
ANSWER: Ask the realtor who is selling the property or somebody from the Homeowners' Association.
Does a subdivision without common areas need liability insurance and why?
I don't see any need for liability insurance in the case you described. In cases where you have a homeowners association or a condo owners association and they own common property such as a swimming pool, parks, roofs, sidewalks, etc. then they would have a need for both property and liability insurnance to cover these areas. This is what you dues are in place to pay for as well as maintenance.
What are the key differences in obtaining a mortgage for a condo versus a townhouse?
The key differences in obtaining a mortgage for a condo versus a townhouse are related to ownership structure and property type. Condos are typically part of a larger building or complex with shared amenities, while townhouses are standalone units with individual ownership of both the unit and the land it sits on. Lenders may have different requirements and considerations for each type of property, such as the condo association's financial health and rules for condos, and the maintenance responsibilities for townhouses.
