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Can you charge reoccurring late fees on unpaid condo assessments?
Wiki User
∙ 14y ago
Read your governing documents to determine the process and structure of late fee charges.
If you are behind one month, and the late fee is $30 per month that you are behind, and you continue to pay one month late, it's reasonable that you are fined $30 for each month you remain behind in paying your assessments.
This means that if you pay late for 12 months, you can accumulate $360 is late fees over the year, plus the assessment amounts you owe.
Wiki User
∙ 14y ago
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50 of the condo allocated for loggin?
Condo allocated for logging is recover unpaid assessments. This is in time builds up interest.
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.
Who is responsible for an insolvent condo maint fee when the daughter inherits the condo but gives it back to the bank because her father owes more than its worth?
If the association has filed a lien for unpaid assessments, and the lien has a priority status over that of the mortgage lender -- potentially only some of the -- unpaid assessments will be paid from the foreclosure sale of the unit. In any event, if the daughter inherits the title, she also inherits the debt.
A lien for unpaid assessments has been placed on your unit by the condo association - can they foreclose on your condo owned outright?
You can find the answer you want in your governing documents.Usually, regardless of the ownership status -- outright ownership or mortgaged -- unpaid condominium assessments represent an automatic lien on your unit's title.Apparently, your board has filed a formal lien with the court based on these unpaid assessments.Your governing documents may detail the extent to which the board can act, which might include foreclosure on your unit in order to recover these unpaid assessments.(Your assessments pay communal fees, such as master policy insurance premiums, garbage and recycle fees, landscaping, utilities, and property management expenses, staff salaries, and more. Not paying your assessments means that you may be 'living on the backs' of your neighbors, because they are paying your share of common expenses.)
How far back can a condo association go back to collect fees?
There is no standard. Read your governing documents to determine how far that association can reach into history for unpaid assessments. Your state law may also limit the reach. At the time of sale, all past-due assessments can be collected -- if the board has positioned its claim appropriately -- so that a new owner is not liable for unpaid assessments by a previous owner.
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 condo assoc located in Illinois place in unit owners credit report unpaid assessments?
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.
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.
Who is responsibile for paying delinquent condo association fees once the property is foreclosed?
Best practices dictate that the board and association manager review the local laws and work with the bank to collect unpaid assessments and maintain currency with assessments as they are due until the unit is sold. Your local association-savvy attorney may also have some ideas about collecting these assessments. Unpaid assessments can only be paid once the unit is sold, usually. Your answer may be location-centric. In some states, assessments have a 'super-priority' in terms of who gets paid first -- but only for six months' worth of assessments. In some locations, smart associations pursue the banks for unpaid assessments and force payment with ongoing payments until the unit is sold.
How can a condo assoc have unpaid assessments show up in owners credit report?
Your assessments cover your share of the expenses that the association pays to operate and preserve the property that you own. If you enjoy the amenities without paying for them, essentially you're asking your neighbors to pay your bills. If you don't pay your assessments, you have an unpaid debt. Unpaid debts show up on credit reports. Read your governing documents to determine the board's responsibility to collect this debt. Usually, the board can file a lien on your title, and may even be able to sell your unit in order to satisfy the debt that you owe.
What is the time limit on back condo dues?
Usually, there is no limit. Monthly assessments pay for the operation of the community's real estate. Those bills have been paid. Owners who paid their assessments contributed to paying your debt. Unpaid assessments mean that residents of that unit 'live on the backs of their neighbors' by asking their neighbors to pay for landscaping, insurance, property management and perhaps utilities.
Does title insurance protect the buyer of property against subsequent claims for unpaid condo fees?
Title insurance protects a buyer in the sense that the title insurer has scoured all public records to determine whether or not the title is 'clean', that is free from claims, encumbrance or other clouds. If the association has filed a lien against the seller for unpaid assessments, this will be a public record that the title company can find. Without a lien, the new buyer should not be subjected to the debt of a seller's unpaid assessments. If the association is billing you for unpaid assessments owed by a previous owner, you can take this evidence to a common interest community attorney who can write to the association and notify it that the debt is not yours.
