Condominiums

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.

Your question depends on the location of the association -- which state -- and the vendor that the association proposes to pay.

If, for example, you hold your Annual Meeting at the local sports palace, and you agree to a no-host bar, a buffet of snacks and use of the club room, the venue will probably charge you sales tax, which you should pay.


If there is no sales tax in your state, or if you believe you have a tax-exempt status, you may pay no tax. You need proof of your tax-exempt status from the state agency where the association is located before you book the venue.

Depending on your situation, you may find the answer by reviewing the details in the link, below. It's the best comparison of the two that I've found.

A real estate agent in North Dakota can answer your question.

A condominium association is the business entity involved in condominium ownership. The condominium association is usually a non-profit corporation, and is listed with the Secretary of State in the state where the condominium community is located.

The Secretary of State's records are usually public records.


As well, residents and owners of a condominium community should know who sits on the association's board of directors, and their contact details.


You can also contact a condominium association through its property manager.

Your governing documents specify the process the board must follow in order to collect unpaid condominium assessments by filing a lien.

In some states and counties, assessments automatically become liens against the title to the condominium unit, however the lien must be filed in order to be collected.


The board or its attorney can file a lien with the appropriate court in the state or county where the condominium is located.

If Ohio is like most other states, the recorded lien effectively clouds your title, so when you attempt to sell the unit, the lien shows up in the title search. As owner, the lien may also appear on your credit rating.

The lien must be lifted in order to pass clear title along to a new owner.

You can follow the link, below, to read the condominium property act for the State of Missouri.

When you buy real estate, you are entitled to understand exactly what is included in your ownership.

For a condominium, you can read the governing documents that detail the boundary between what is privately owned and what is owned in common, including limited common areas dedicated for your use.


If the townhouse is part of a community ownership scheme, those governing documents give these details.


Finally, if you have a question about what you own, your local county tax assessor will be able to tell you exactly what is included in your property tax payment.

The Wikipedia entry categorizes The Dakota as a 'condominium or housing cooperative in New York City'.

Read more using the link, below.

A condominium association is a business. The business charter can be found in the covenants, conditions, restrictions and rules -- and other governing documents.

The association collects monthly assessments and pays the bills to operate the association, including saving money each month to replace expensive assets that all owners -- members of the association -- own in common.

As well, the public spaces in the buildings must be cleaned, monitored and maintained. Landscape and amenities must also be taken care of.

The condominium's management then, runs the business of the association. Sometimes this is completed by a vendor. More reasonably, however, the management of the association is conducted by its board of directors, who establish the annual goals for the business and monitor its operations. The management vendor, then, works for the board.

The governing documents for your association hold the answer to this question.

Best practices in condominium board work indicate that this is probably not a good idea, since there are no checks and balances available in conducting the business of the association if there is one person holding all the positions.

Each unit owner will be required to pay $26.69 monthly for 3 years or 36 payments.. That amount of money will accumulate to $213,802 in those t3 years at a 9% compounded rate, or $36,198 in accumulated interest for the period. Together these numbers total $250,000.

As the board secretary, you have responsibility for keeping the minutes of board meetings, because these minutes are part of the permanent history of the association.

Board meeting minutes usually contain resolutions for motions, seconds and board vote counts. Often resolutions become an extension of the governing documents.

For example, if the board entertains a resolution regarding limiting dog breeds in the complex, and the resolution is passed, this action effectively alters the governing documents' position on dog breeds allowed.

A community newsletter is generally considered a less formal communication vehicle, and may or may not be a permanent part of the associations business records.

You can condense the resolution about limiting dog breeds into a few sentences, and reference the complete resolution and its implementation by the board in the official minutes, so that an owner can read about the issue in complete detail.

Because you want all owners to remain up-to-date about 'what's happening' in the complex, you can distribute a mix of board meeting minutes and newsletters to on-site owner/ residents, tenants and off-site owners, depending on the contents of the communication.

The only tip is to be consistent with the level of detail you cover in each and in your distribution scheme. Also be wary of publishing so much information about board meeting business that you eliminate the motivation to attend board meetings in person.

Yes. It is common for a Master Deed or Trust of a condominium to reserve the right of first refusal when any owner decides to sell their unit. That means the board must be given first priority to purchase the unit. Read through your copy of the Master Deed and Trust looking for any "right of first refusal language".

Unless your HOA has specific rules about this, you may not have any recourse in the matter. It then becomes a one on one matter between you and the neighbor. Guaranteed, the neighbor will not back down about where his/her dish is sitting, so your next action would involve a lawyer. Begin things by checking your HOA architectural guidelines. The issue may be addressed there, or you may be able to build a case based on what is there.

You can read more, below.

Pheasant Island, apparently, is a condominium in the land-property sense of the word. In all the simple research, it's not possible to discover which six months of the year each country maintains sovereignty.

For example:

"...joint sovereignty of Spain and France, and so administered by Irún (inGuipúzcoa, Spain) and Hendaye (in the Pyrénées-Atlantiques, France), which are in charge of the island during alternating periods of six months."

and:

"...The island is called Isla de los Faisanes in Spanish, Île des Faisans, Île de l'hôpital or Île de la Conférence in French and Konpantzia in Basque."

Given its prominence as a ceremonial site, however, for its smooth operation, the joint sovereignty should be mostly invisible to visitors.

a villa is ground level. it comes from spanish/mexican for dwelling. a condominium can be on ground level, but is always in a high rise building

Depending on the status of the unpaid assessments, you may need or want to write them off as bad debt.

If collection efforts are ongoing to recover the debt, I would not write them off, but as a conservative treasurer, I would discount them and consider something less than 100% of that value is projected revenue.


If there are no collection efforts, or if those efforts have failed, you may be able to write them off. Your governing documents will guide you, as will your individual state law.


The key is to keep a wide trail and document whatever action the board opts to take in this case.

A condo or townhouse Homeowners' Association (HOA) governs a group of condos, wherein the association is responsible for the maintenance of the outside of the building(s), landscaping, and utilities, in addition to maintaining common areas and enforcement of the CC&Rs. This is because the properties being governed are condos and not houses. A planned unit development (PUD) HOA is responsible for ensuring compliance with the CC&Rs of the PUD and upkeep of any common areas in the PUD. However, individual owners maintain their homes and land, as each lot in the PUD is individually owned.

just like cars, there are different kinds of elevators. For condominiums I assume you are considering a passenger elevator. In the simplest terms, hydraulic elevators (generally cheaper) are good for low rises and traction elevators (generally more expensive) are for high rises. Besides the obvious initial cost of the elevator, machines and accessories, the number of floors will determine the price. Contact some well-known elevator manufacturers for more info. Otis, Schindler and Thyssen Krupp are some of the better known ones. It's impossible to just throw a number out for elevators however for ballpark, consider budgeting in $20k to $40k for each floor.