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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.
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What is the procedure for a condominium association to file a lien a condo for montly dues on a condo that the bank is foreclosing on?
Overall, every state handles these matters differently from every other state. You need a condominium-savvy attorney to help you recover this debt at this late date. Effectively, a lien must be filed with the local court.
What is the plural of condo?
Condo is the shortened form of condominium. It is the shortest form.
What is abbreviation of condominium?
condo
What is the Abbreviation for condominium?
Condo
Filing a lien for non payment of maintenance in a condo complex in NJ?
Read your governing documents where you can find the process described. It's a good idea to use the association's condominium-savvy attorney to construct and file the lien.
Clipped word of condo?
'Condo' is a clipped version of the longer word condominium.
Can you sell a condo unit in NYS without condo declaration being recorded?
No. The recording of the declaration of condominium creates the condominium under state laws. A condominium is a creation of law. If no condominium is created then no units can be sold. Condominium declarations are recorded in the land records office where the land is located. Once the condominium has been submitted to the provisions of state condominium law by the recording of the declaration in the land records, the developer can sell condominium units.
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 is the short way to say Condominium?
Condo
What is a garden condo?
Usually a condominium complex with a garden, or a condominium unit with a garden dedicated to the unit.
What happens to the loan when the condominium forecloses for assessments?
You'll need to be more clear about what's going on here. The "condominium" is a building. It can't "foreclose". The condo association can't "foreclose" on you either, since they don't hold title Only the title holder (i.e. your lending institution) can foreclose on the property.What the condo association can do is obtain a lien against the property. This is money you owe them, and if you try to sell the property, they're allowed to collect the amount of the lien out of the proceeds before you see a dime. If the lender forecloses on you, the lien from the condo association doesn't go away; you still owe it, but in this case the condo association will probably take you to court to recover it, most likely by garnishing your wages unless you have sufficient assets to pay it off.
How much does the average condo cost?
It depends on the location of the condominium, its size and the amenities included in the condominium community.
