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Your annual budget, which a board member can provide you, lists the line items for bills the association expects to pay during the year with the assessment dollars it collects.

Usually the line items include professional services, maintenance services and reserves contributions.

Every condominium association develops its own unique budget, because each community has different amenities, mixes of limited and commonly owned real estate assets and is in a unique physical condition and locale.

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15y ago

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Who owes the condo fees incurred after a foreclosure?

Assessments are owed to the association by the condominium owner. If it's a bank, then the bank owes assessments.


Is there condo fees with link homes?

Condominium living implies assessments, regardless of the amenities owned by the association.


Can Florida condo association turn off electricity for the lack of payments of condo fees?

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.


Can New Hampshire condo association turn off water for nonpayment of condo fee?

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 go to satisfy your debt.


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 community, and you are obligated to pay your assessments. Read your governing documents to determine and understand your financial responsibilities to the association.


How do you put a lien on a condo for due fees?

Read your governing documents and work with your association attorney to file a lien for unpaid assessments.


Can condo fees be garnished?

Condominium assessments are income to the association. If there is a judgement against the association, owners who pay assessments may be liable to pay the judgement under a special assessment. Condominium owners pay assessments to support the operation of the community. Owners may have their income garnished, even those monies earmarked to pay their assessments.


Can a condominium put a lien in your condo?

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 yourself of your agreement to pay assessments and of your association's responsibility to pursue you until the assessments are paid. When you do not pay your assessments, you're essentially asking your neighbors to pay your bills.


Can your condo association foreclose on your condo in California?

Yes.Read your governing documents to remind yourself of your legal obligations as a condominium owner.As well, you can read there the steps that an association must follow in order to foreclose on your unit, for example, to satisfy the debt you may owe for unpaid assessments.


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.


What are the condo fees at Grand Key condos in Tampa Florida?

A local realtor can help you understand the regular and special assessments for any condominium association in your geography. There is no standard.


If a condo management company places a lien on your condo will you be locked out of it?

First, the conodminium association placed the lien, the management company just did the paperwork. A lien is placed on your condo to make sure you can't sell it without the back debts being paid. It is done to protect the association. This is usually done when assessments aren't paid on time. If you have fallen behind on your payments, then the association can withhold certain services, possibly even turning off utilities (depending on your documents and state law), but can't lock you out of your home. They can, however, foreclose on your unit if assessments continue to go unpaid.

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