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In Illinois can the board in the financial report list the unit number of owners who do not pay their assessments?
Wiki User
∙ 14y ago
It depends on the specific regulations and bylaws of the association. Generally, the board may not disclose individual unit owner information in financial reports. However, they may provide aggregate data on delinquencies or identify delinquent owners to the extent allowed by state or local laws. It is advisable for the board to consult with legal counsel to ensure compliance with applicable regulations.
Wiki User
∙ 14y agoThe board may be limited to listing the unit numbers and not be permitted to list the names, under the privacy laws that govern the location where the condominium is located.
In Hong Kong, for example, non-paying owners' names are listed on bulletin boards.
Owners who do not pay their assessments enjoy the resources of the community while not paying for them. The board has the responsibility to collect these debts. Listing the unit numbers in the financial reports is appropriate from a financial perspective, since the association's income is assessments, and unpaid assessments must be account for.
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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 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.
How are condominium fees determined in Illinois?
All condominium owners are levied assessments -- usually annually -- to pay the expenses of operating the community. Assessments are based on last year's expenses, plus anticipations of increases and changes in expenses for the next year. This is the formula regardless of where the association is located.
What are the rights of Illinois condominium owners who pay assessments late?
Your governing documents will advise you whether or not you curb your membership rights when you pay your assessments late. For example, you may or may not be able to vote in association business, or your rights and privileges to some key amenities may be restricted or stopped.
Home owners association dues secured or unsecured claims?
Read your governing documents to educate yourself about your personal responsibility to pay your association assessments, which may also be tied to your free and clear title to your property. Your bankruptcy attorney -- assuming that is the basis for your question -- can give you a firm answer, so that you understand the status of assessments that you owe prior to the date of filing and the status of assessments that you owe after the date of filing. Your banker -- assuming that a financial statement is the basis for your question -- can confirm the status of your assessments.
Can an apartment owners association having no legal entity collect moneys from the residents for maintenance of apartment?
Read your governing documents to determine the board's authority to collect assessments. Your term ' no legal entity' is not specific enough to inform the answer. Assessments that cover maintenance benefits all owners, by keeping the real estate assets in good repair. Resisting this notion may indicate that this kind of real estate ownership is not a good match for your financial lifestyle.
Do you have to pay owed condominium assessments before you sell the condo that has gone into foreclosure?
Work with your broker so that you disclose the state of the title, and of your financial obligation to the association based on your ownership of the unit. Often, owners and boards -- with association counsel, can craft disclosure documents and payment arrangements so that past-due assessments can be paid from the sale proceeds.
Can an HOA increase my dues based on delinquent accounts of others?
In a word, yes. Assessments are the only income for an association, so that it can pay its bills that include insurance, utilities, and operational expenses. When owners don't pay their assessments, other owners become responsible for paying the expenses of the community.
Who pays for condo fees when it is reposessed?
Your state law may help decide who ultimately pays assessments once a unit owner discontinues paying them. Sometimes, assessments area declared as 'super-priority' payments that are paid when the unit is sold, and for a specified number of months. Savvy associations work with lenders that repossess, to insure that assessments continue to flow in. Otherwise, the expenses of this unit are paid by all other owners. When owners remain in their units during the repossession process, and fail to pay assessments, again, savvy association boards work with association counsel to file appropriate liens, to insure repayment of as many assessment dollars as possible.
How many firearm owners are there in illinois?
No way to know.
Can a condominium post the names and amount of past due assessments on the bulletin board?
You can read your governing documents to find the answer you want.Condominium assessments that owners pay are spent to cover communal costs, such as sewer and water, garbage and recycle collection, master insurance policy premiums, landscaping vendors, property management fees and so forth.Owners who do not pay their assessments or do not pay them on time are failing to live up to their agreement, which they signed when they purchased the condominium unit. When their neighbors pay on time and in full, non-paying or late-paying owners can be said to be 'living on the backs of their neighbors'.Look in your governing documents for the rights of the board to pursue unpaid or tardy assessments. These rights might include filing a fine, a formal lien -- assessments may be an automatic lien -- in a court, or foreclosing the unit to satisfy the unpaid debt.In US, there may be privacy laws that could prevent an owner's name from appearing on the bulletin board of tardy assessment payers, but it is possible that the unit number could be displayed. The unit number may be published by the treasurer in the financial reports distributed to all owners.In some countries, Japan for example, tardy assessment payers' names and unit numbers are posted on the bulletin boards, and the prevailing Japanese culture of shame motivates owners to pay their assessments.
How are condo fees determined using undivided fee simple interest?
Assessments are paid by owners in condominium associations so that the community's operational expenses can be paid.Read your governing documents to determine how individual owners are assessed their share of assessments: allocated interest can be square footage, unit location or other determination.
