0
Who is responsibile for paying delinquent condo association fees once the property is foreclosed?
Wiki User
∙ 10y ago
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.
Wiki User
∙ 10y ago
Add your answer:
Earn +20 pts
Do you have a lein on your property?
yes but I paid cash for my condo(association dues) , can it be foreclosed if so by who i don't have a mortgage
Can landlord rent a foreclosed property?
If it is foreclosed then he does not own it. You cannot rent a property that you do not own.
What is an assesment lien?
An assessment lien is a legal claim on an owners property for collateral against delinquent assessments for a homeowners' association. They are provided for in the governing documents of an association.
Are property taxes owed on a foreclosed property by the owner?
The current owner yes, not the one foreclosed on. (And the past owner owes the one that foreclosed for any tax that was due for the period that owner had it).
What can be done when a property owner on a shared private road refuses to pay their share of road maintenance?
You need to hire an attorney and sue the delinquent property owner.You need to hire an attorney and sue the delinquent property owner.You need to hire an attorney and sue the delinquent property owner.You need to hire an attorney and sue the delinquent property owner.
What is a tax lien list, and what does it mean for a business?
A tax lien is issued when a company fails to pay their taxes. If they do not pay their back taxes the property may be foreclosed. A tax lien list contains a list of delinquent properties.
Where can one learn more about foreclosed property?
Foreclosed property is a legal term for when a lender tries to get their outstanding loan paid. The property owner defaults on payments so the property needs to be recovered.
What are the disadvantages of buying a foreclosed property?
The only two disadvantages in buying a foreclosed property: #1. Tou have to put a mandatory 10% down. #2. The property may have some minor damages due to the prior owner being upset of being foreclosed upon.
Do you need a license to buy foreclosed property?
No license is needed when buying foreclosed property mainly because nothing special is needed to buy property. When a bank auctions off a property all you need is money to buy that property and nothing else
How do you become an owner of a foreclosed place as a squatter?
In most states squatting is illegal. If there is a property that is foreclosed and vacant and someone wants to purchase the property they need to contact the bank that owns the property and put in an offer.
Where can one purchase items from a foreclosed office property?
One can purchase items from a foreclosed office property when one contacts the bank which owns the foreclosed office. One should first inspect the items and then one can start negotiating for the best deals.
How can you buy a house after it has been foreclosed and not sold at auction?
You can contact the lender or lien holder who foreclosed on the property and make your offer to them.
