Tag: condominiums (Page 1 of 2)

At the time of sale, the lien shall be transferred to the proportionate share of the proceeds assigned to the condominium parcel in the plan of termination or as subsequently modified by the court docket. The association has a lien on each condominium parcel to secure the cost of assessments. Except as in any other case offered in subsection and as set forth under, the lien is efficient from and shall relate again to the recording of the original declaration of condominium, or, within the case of lien on a parcel situated in a part condominium, the final to occur of the recording of the original declaration or modification thereto creating the parcel. However, as to first mortgages of report, the lien is effective from and after recording of a claim of lien in the public information of the county in which the condominium parcel is situated.

If any unpaid share of frequent bills or assessments is extinguished by foreclosures of a superior lien or by a deed in lieu of foreclosures thereof, the unpaid share of frequent bills or assessments are widespread bills collectible from all the unit homeowners in the condominium during which the unit is situated. Notwithstanding …

The Legislature finds that unit house owners are incessantly at an obstacle when litigating in opposition to an association. Specifically, a condominium association, with its statutory assessment authority, is often more in a place to bear the prices and expenses of litigation than the unit owner who must rely on his or her personal financial assets to satisfy the prices of litigation in opposition to the affiliation.

Whether condos are less expensive than flats depends on a quantity of elements, similar to location, measurement, and facilities. Apartment lease is charged at a premium to generate a profit or revenue, making the direct cost to reside in the unit dearer than owning a condo. However, on average, renting an house is inexpensive than owning a condo as condo renters do not pay affiliation fees. When main work is not lined by the condo association fees, condo owners are equally liable for contributing to the price. Apartment renters usually are not responsible for paying for any main work wanted to the complex or building. In a townhouse complex, a quantity of bodily houses are mixed right into a single architectural constructing. Each unit proprietor owns an recognized plot of land and the …