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Homeowners' associations (HOAs) have the right to impose assessments and HOA fees on each member of the condo association to pay for the HOA's operations and maintenance expenses. Assessments can be regular or special, depending on the purpose for which they are made. Assessments are calculated, collected and enforced in the manner required by law and as provided by the HOA's governing documents.
Assessments are made according to the schedule indicated in the HOA's bylaws or CC&Rs. The HOA must send or deliver notices of each homeowner's assessment amount to the homeowner. The homeowner then has a specified number of days in which to pay the assessment amount.
Regular and special assessments are delinquent a specified number of days after they become due. If an assessment is delinquent, the association may recover all of the following:
If a homeowner fails to pay the assessment, the HOA has several options:
If the HOA is going to file a lien on the homeowner's unit, at least 30 days before filing the lien, it should send the owner of record a notice including, among other things:
To establish the lien, the HOA must record a notice of delinquent assessment in the county where the owner's unit is located. The notice must comply with the requirements of state law. Thirty days after the lien is recorded, it may be enforced in any manner permitted by law, including sale by the court, sale by the trustee named in the notice of delinquent assessment, or sale by a properly substituted trustee.
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Tags: Condo Fees, Assessments, Deliquencies
posted @ Sunday, April 05, 2009 4:18 PM by diane
posted @ Sunday, April 05, 2009 8:07 PM by roger
posted @ Monday, April 06, 2009 11:35 AM by diane
posted @ Monday, April 06, 2009 3:06 PM by roger
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