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Your state law may help decide who ultimately pays assessments once a unit owner discontinues paying them.
Sometimes, assessments area declared as 'super-priority' payments that are paid when the unit is sold, and for a specified number of months.
Savvy associations work with lenders that repossess, to insure that assessments continue to flow in. Otherwise, the expenses of this unit are paid by all other owners.
When owners remain in their units during the repossession process, and fail to pay assessments, again, savvy association boards work with association counsel to file appropriate liens, to insure repayment of as many assessment dollars as possible.
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Who pays for replacing an outdated electric fuse box on a condo?
If the fuse box is inside the condo then the condo owner pays
What are no fee apartments?
No Fee apartments are units for which you do not have to pay fees. In most cases those fees are brokerage fees. Owners can offer no fees directly to the public, or may pay the brokerage fee themselves. Understand that this can mean that the landlord has increased his price to offset the commission he pays. So you may end up paying more than if you had to pay a fee. Second, while a condo or coop can say no fee, there can be many fees like condo application fees, or move in fees that can add up to thousands in some cases. Courtesy of Think Properties NYC
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.
Who pays the cost to transfer car title?
Buyer pays the notary and fees.
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 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 Title Insurance be negotiated?
If you live in a state that does not regulate the fees/premiums, then a title agency may be willing to negotiate the costs of the premiums. Or, they may be able to negotiate some of the fees, like searches/abstracts, copy fees, etc. If you live in a regulated states, all fees or some fees may be overseen by that State's Department of Insurance and whatever are the state-regulated fees MUST be charged. It would be illegal to over-charge or under-charge the fees. A Buyer and Seller can negotiate freely as to who pays what fees of the title insurance costs. In some states, tradionally a seller pays for the Owner's Policy and the Buyer pays for the loan policy covering their mortgage. In other states the seller pays for all fees and in others, the buyer pays. However, there are no laws as to who pays for what, therefore, between the buyer and seller, it is always open to negotiation.
Who pays to have an abstract updated with the new owner's name?
Recording fees can be a matter of agreement between the parties. Generally the buyer pays recording fees for documents in the buyer's name.
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.
