What happens if a 10 year HOA loan is taken out by an association and is allocated to all its unit owners, and one of owners sells his/her unit? Does that loan have to get paid off at settlement or does the purchaser of that unit have to undertake the balance of that loan?
Incidentally, I've just calculated that with a 10-year loan at 6.25 %, it costs 2.8 times as much as raising monthly assessments to accumulate money in reserves to pay for large expenditures!
Please drag open the comment box from right bottom corner to make it larger.
Please note that blog comments and postings are not legal advice, rather only the opinions of our readers.