Association Statutory Liens: A Powerful Tool for Securing the Payment of Past-Due Assessments

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Nothing in life is free, and that applies to living in a nice neighborhood as well. Whether it is a neighborhood of condominiums or single family homes, the cost of maintenance and upkeep often falls to those living within that community. And when an association is delegated the duty of maintaining the neighborhood, that association will charge its residents a periodic assessment, which is due usually monthly or quarterly. Such associations function best when all property owners contribute by making timely assessment payments.

A problem arises, however, when property owners fail to pay their assessments. That could result in the association lacking the necessary funds to maintain the neighborhood, which may ultimately diminish the property values of all residents. In an environment where home values are already depressed and many homeowners are underwater, delinquent assessments are something associations simply cannot tolerate. Thus, it is extremely helpful that the Florida Statutes have a built-in statutory remedy for both condominium and homeowners’ associations: Association Statutory Liens.

Read more at http://www.jimersoncobb.com/blawg/2013/04/association-statutory-liens-a-powerful-tool-for-securing-the-payment-of-past-due-assessments/

Additional Resources

http://www.jimersoncobb.com/blawg/2013/04/association-statutory-liens-a-powerful-tool-for-securing-the-payment-of-past-due-assessments/

Jimerson & Cobb, P.A.

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Related Topics

Condominiums

When you buy a condo, you own your individual unit, and all unit owners share joint ownership of the common areas, which are controlled by management.

HOA liens

An HOA lien is a lien attached to your property (often automatically) if your HOA fees or other assessments become delinquent. It can lead to foreclosure.

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