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Condominium assessments are established -- usually once per year -- by the treasurer and the finance committee.

The process includes reviewing last year's expenses, working with established vendors to understand next year's increases, and adding budget money for work to be done.

Once per year, the association holds a budget ratification meeting, which is the board's opportunity to explain to the membership -- unit owners -- what's included in the budget and explain each line item.

You can read more about the board's requirement to set a budget and call the budget meeting to ratify the proposed budget for the next year in your governing documents

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Q: Who sets condo association fees?
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Related questions

What are the condo fees for 6201 Garden Rd Condos?

The board or the association manager can answer your question.


Is there condo fees with link homes?

Condominium living implies assessments, regardless of the amenities owned by the association.


Have Florida legislators passed a law to force condo owners to pay their condo fees?

no but trying to If a condo owner falls more than 90 days in arrears of association, the right to use common areas can be suspended by the association until such dues are paid.


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.


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.


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.


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.


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.


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.


What happens to the first mortgage on a condo in Florida when the condominium association forecloses for unpaid association fees?

For the condo association foreclosure to be valid, the bank who holds the mortgage must be notified of the foreclosure action, and the mortgage company has the opportunity to do a couple of things: They can pay the delinquent condo fees themselves, to protect their own interests, and force the borrower to pay them back. If the borrower is unable to repay the condo fees, it could put the mortgage payments in default, and be grounds for the lender to begin foreclosure proceedings. If the borrower is behind in their mortgage payments, the bank can join in the condo association's foreclosure action themselves. This is actually a great assistance to the bank, as it saves them the time and trouble of initiating the lawsuit - they just get to piggy-back on the condo association's foreclosure, which makes the foreclosure sale happen that much sooner. And since the bank's lien has priority over the condo association, the bank would be the one to get paid off first if the property got sold to a third party at the foreclosure sale, or if nobody bid on the property, they would be the ones who would become owners of the condo. If, for whatever reason, despite getting proper notice, the bank does nothing and the condo association forecloses on the property. The first mortgage holder has a lien that always survives the condo association's foreclosure. In fact, second mortgages are usually superior to the condo association's lien for unpaid maintenance fees. Usually the condo association gets stuck with owning a property with at least one outstanding mortgage with an outstanding mortgage balance greater than the actual value of the property because of the decline in real estate value. Most condo associations allow the first mortgage holder to foreclose on the property after their foreclosure is done. The main point is that in Florida a condo association foreclosure has no effect on the first mortgage.


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.


If your condo goes into foreclosure do you still owe the condo fees?

Yes, until the bank is the owner. The fact you're in foreclosure doesn't change the fact utilities need to be paid as well as your staff. It's not only the bank that can put you into foreclosure; even your HOA/condo association can force the sale of your home due to delinquency.