Home Buying in Florida>Question Details

Freund, Home Buyer in Rotenburg

How do I know, when I buy a condo, whether other owners of condos in my building pay their maintenance?

Asked by Freund, Rotenburg Thu Aug 7, 2008

Am I liable, as owner of a condo, for the maitenance payments of other condo owners that are insolvent and do not pay their maintenance bill?

Help the community by answering this question:

Answers

3
I would have your agent call the president of the HOA or the management company for the building and ask your question of the person/entity.

Depending on the specific language of the " Condo Docs " you may/may not be responsible. Again, excellent questions for which your agent should assist you with getting an answer.
0 votes Thank Flag Link Fri Sep 12, 2008
When you purchase a Condo in Fl. you have a 3 day rescission period to review documents and Condo's financials. You can then decline or rescind your offer in those 3 days. Make sure your Realtor has you and Seller's sign that particular document and you receive the most current docs and financials. Check the reserves and are they of sufficient balence. There are Condos that are association assessing remaining owners because of foreclosures or owners walking away from their mortgage or simply quit paying their HOA fees. Newer Condo developments may not have enough reserve built up as more mature and well managed developments.
The Condo Docs should spell everything out. You may even employ a Real Estate atty. to review tthem. It may cost you but it might cost you more.
Jim Soda, Realtor 941-809-7759
jim@jimsoda.com
Prudential Palms Realty
Sarasota - Lakewood Ranch
Web Reference: http://www.jimsoda.com
0 votes Thank Flag Link Sun Aug 10, 2008
When you buy a condo, you can view the financial documents in advance. You should be able to see how much money is in reserve, and what each reserve account is earmarked for.

You will not know if a specific owner is not paying their fees. But if an owner falls behind, they can be assessed late fees. All unpaid fees become liens against their title. When they eventually sell, the new buyer will not get a clear title if the fees are not paid. So the title company or attorney will find the recorded liens, and hold that money back from the sellers proceeds, and pay it to the Condo Association. It's the only way a buyer can get a clear title.

The only way other unit owners would be responsible for another owners unpaid fees would be if there was not enough money in reserve. But you'll know that before you buy =)

Regardless, there should be money in reserves to cover any short-comings in the
0 votes Thank Flag Link Thu Aug 7, 2008
Search Advice
Ask our community a question
Email me when…

Learn more

Home > Florida > Home Buying in Florida > Question
Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer