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Condominium associations develop a budget each year to pay the anticipated operating costs of the condominium community in the next year.
If you live in a condominium community with zero amenities, your assessments must at least cover:
- your master insurance policy -- unless the owners are willing to own un-insured real estate assets;
- landscape expenses -- unless there is zero landscape to maintain;
- payments to reserves -- unless the association's owners can pay tens of thousands in special assessments when major replacements must be paid for;
- accounting services -- unless there is no record for assessments that are paid, no one pays the association's bills or prepares its annual tax return;
- basic utilities -- unless all utilities are billed to individual owners and there is no need for electricity, water, sewer or gas in the common areas;
- salaries -- unless there are no employees of the association; or
- preventative maintenance -- unless there is none performed on the building(s),
and so forth.
So 'cheap' will be relative.
Every condominium community is different from every other condominium community. Each is a private democracy that operates, depending on the composition of the board.
Your treasurer can supply you with a copy of the budget -- a portion of which you pay monthly in assessments, based on your percentage of ownership -- and you can work with the treasurer to help reduce your annual assessments by offering ideas about ways to save expenses.
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Where can one purchase a cheap condo in Rochester?
One can purchase a cheap condo in Rochester from these sources: The Rich Group, Home Finder, Realtor, Condo, Bean Group, Property Guru, Zillow, to name a few.
Can you file for bankruptcy after the condo assn files for past due assessment fees?
Of course you can. In most states, condo fees become liens on the condo, so a secured debt. You would have to file a C. 13 and plan to pay off the arrears as a secured debt.
What fees does the seller pay on condo sale?
There is no standard, plus all fees are negotiable. The real estate agent involved in your transaction can explain fees to you.
Lost my job have not paid condo fees for years I own my condo and pay monthly mortgage but not enough money for condo fees. I am on ssi and food stamps.?
You can wait for the association to take action against you for the debt you owe, or you can take action and explore payment plans that fit into your current situation.
If I file bankruptcy and I'm on the deed for my son's condo can they take the condo away?
Your interest in the condo will be considered part of your assets.
If your home is in foreclosure status can a lien be placed for a unsecured debt?
YES. Condo Fees
What are the condo fees for 6201 Garden Rd Condos?
The board or the association manager can answer your question.
Are condo fees tax deductible?
Not usually. Your monthly assessments -- fees, you write -- pay to operate the community and save money for major repairs.
Can you claim condo fees you have not paid?
Probably not. Just as you can't claim ownership of property to which you have no title.
Can creditors charge late fees on a deceased person's estate when there is no spouse For example late condo association fees late mortgage payments etc.?
Yes.
Can you quickclaim a deed if you owe assessment fees to the homeowners asociation?
The outstanding fees will show up at the closing. Obtaining a certificate that there are no fees due is an automatic part of a closing on a condo unit or a property subject to any association fees.
Is there condo fees with link homes?
Condominium living implies assessments, regardless of the amenities owned by the association.
