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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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13y ago
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14y ago

Depends on the association. You pay assessments monthly, and they are an automatic part of condominium ownership, usually.

You can ask your treasurer for a copy of the annual budget, so that you understand exactly how your assessments are being spent.

  • Usually garbage and scavenger service, landscaping service and snow removal from streets and common courts (usually not driveways and sidewalks), and common property insurance which is usually liability insurance if someone gets hurt on a common area like your sidewalk or in a courtyard, and the structure of the buildings from the outside walls inward to your line of ownership -- see your governing documents for a description of the line -- roofs and sewers, Plumbing, wiring and so forth.
  • Overall maintenance, preservation and protection of the commonly owned real estate assets, including regular payments into your reserves, which are savings accounts that accumulate monies over time to replace significant physical elements, such as windows, roofs, sprinkler systems and so forth.

Check the governing documents of the association for all the details you want.

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8y ago

You can review the categories of services included in your annual budget to determine what is covered by your assessments. Generally, your assessments pay the costs of operating the community, and includes contributions to your reserves.

Typically, you'll find association management expenses, utilities, master policy premiums, legal fees, pest control, earthquake and/or flood insurance premiums, and so forth.

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13y ago

Every condominium association, which is the business that protects, maintains and preserves the real estate assets that you own communally with all the other unit owners, requires money to operate the business.

Depending on the amenities in your community, the 'fees', most properly called assessments -- can cover everything from pool maintenance, landscaping, contributions to reserves, master insurance policy premiums, and more.

Your treasurer can give you a copy of the annual budget, so that you can review the line items showing how each of your assessment dollars is spent.

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8y ago

Anyone who is thinking of purchasing a condominium unit must take the time to understand the various assessments that can be imposed by the unit owner’s association. There is some confusion as to the difference between regular monthly condo fees that must be paid by all unit owners on a regular basis and special assessments that must be charged off to unit owners when unexpected or extraordinary situations arise.



Regular or ordinary assessments called monthly maintenance fees, are used to pay for regular, ongoing operating expenses such as road repairs, utility costs, landscaping services, snow removal from parking lots and roads, security, contributions to the reserve fund and insurance for the common areas. The key to understanding condominium fees is to think of regular, flat monthly fees that are paid on a regular basis.


Special assessments are levied to pay for expensive, necessary repairs or improvements that were not part of the association's operating budget and not covered by a reserve fund. Special assessments can cover expenses such as large scale repairs, roof replacements, storm damage not covered by insurance or providing access to a municipal sewer system. Think of special assessments as being used to pay expensive one-time costs.


Follow the link below for an interesting discussion of condo fees and special assessments in the State of Washington.



http://www.seattletimes.com/business/real-estate/new-state-law-requires-condo-associations-to-report-money-set-aside-for-long-term-maintenance/

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8y ago

Anyone who is thinking of purchasing a condominium unit must take the time to understand the various assessments that can be imposed by the unit owner’s association. There is some confusion as to the difference between regular monthly condo fees that must be paid by all unit owners on a regular basis and special assessments that must be charged off to unit owners when unexpected or extraordinary situations arise.



Regular or ordinary assessments called monthly maintenance fees, are used to pay for regular,ongoing operating expenses such as road repairs, utility costs, landscaping services, snow removal from parking lots and roads, security, contributions to the reserve fund and insurance for the common areas. The key to understanding condominium fees is to think of regular, flat monthly fees that are paid on a regular basis.


Special assessments are levied to pay for expensive, necessary repairs or improvements that were not part of the association's operating budget and not covered by a reserve fund. Special assessments can cover expenses such as large scale repairs, roof replacements, storm damage not covered by insurance or providing access to a municipal sewer system. Think of special assessments as being used to pay expensive one-time costs.


Follow the link below for an interesting discussion of condo fees and special assessments in the State of Washington.



http://www.seattletimes.com/business/real-estate/new-state-law-requires-condo-associations-to-report-money-set-aside-for-long-term-maintenance/

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Q: What is included in condo association assessments?
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Related questions

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.


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.