Read your governing documents and identify the penalties the board can apply when you are delinquent in paying your assessments.
Some associations will deny you the right to vote, because by not paying your assessments, you are no longer a member of the association in good standing.
I would never want to be a delinquent.
If it was determined that the condominium did not bear any blame, then you are the one who would be responsible.
The ownership of the Huntington Condominiums would typically be divided among individual condo owners who have purchased and own individual units within the condominium complex. The overall management and maintenance of the property may be overseen by a condominium association that is comprised of the individual unit owners.
You would need to check each particular condominium project to determine what it offers for facilities.
Personally, I would not buy a condominium unless my review of the complete declaration was finished. Otherwise, you (and I) have zero idea about the community you're (I'm) buying into. Whether or not it can be sold may be a local legal issue. See your state condominium statute.
he has a personal record.
It depends on the geography where the condominium is located. Usually, in high-density urban areas, a condominium is smaller; in suburbs, the units can be larger. Since a unit can be a studio or a penthouse, or a one-, two-, or three-bedroom unit, depending on where it is located in the building, an average would only be useful by type of condominium.
A condominium living space is part of a condominium association, which is a business.The condominium association handles the preservation, maintenance and protection of all the real estate assets owned in common, which you also buy when you buy a condominium living space.Monthly assessments cover items such as master insurance policy premiums, reserves contributions -- so that common elements can be replaced at the end of their useful lives (think roofs, windows, paint, etc.).Without assessments, each owner would be responsible to pay for their own landscape maintenance, sewer, water and garbage utilities, employee payrolls, liability insurance and so forth.When buying a condominium review the monthly assessment amount being published, and confirm that indeed that amount covers all the items in the budget that by law, must be covered by assessments.Not including assessments in the purchase scenario makes no sense.
Condominium projects are created pursuant to state law. The governing law in your state would be recited in the body of the Master Deed that ceated the condominium. You would need to review the Master Deed for the statute and research that statute to determine how to withdraw the property from its status as a condominium. It can be done. The provisions for terminating a condominium are set forth in the statute and generally involve the assent by majority of (or all) the owners. The most common withdrawal involves a failed condominium project. In that case all the units are acquired by a single owner and that owner can apply to remove the property from classification as a condominium. Such projects are converted into rental properties. You need to check the law in your state.
Read your governing documents to determine the ownership status, the maintenance responsibility and the other pertinent details associated with the boat slips in your community.
Every condominium project is organized under governing documents that include rules and regulations. Most allow pets and some do not. You would need to check any particular condominium to determine if cats are allowed and the rules that govern pet ownership.
It is possible to refinance out of loan in which you have made delinquent payments. Only the most experienced Mortgage consultants would be able to lead you through the process.