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The homeowners received notice of the assessment in early June, which detailed how the HOA’s reserves had never been fully funded in its 20-year history, presenting the community with a ...
Per the new Florida law, all three-story-plus condo buildings and at least 30 years old must undergo a mandatory engineering assessment before Dec. 31, 2024. Condo associations must also shore up ...
None of the relevant Acts discuss special assessments in any detail. Generally speaking, it is up to your governing documents to establish the board’s right to pass a special assessment, and any ...
Special assessments often require a homeowner-vote if the amount exceeds a prescribed limit established in the association's by-laws. In California, for example, a special assessment can be imposed by a board, without a membership vote, only when the total assessment is five percent or less of the association's annual budget. Therefore, in the ...
Imagine being a property owner in a condominium who is humming along paying the mortgage and then getting a letter from your homeowner's association (HOA) informing you of a six-figure assessment.
Transfer fee supporters responded that (1) the existence of all assessments, including HOA dues, special assessments, etc., is disclosed early in the contract stage, when buyers have an opportunity to review all matters of title before deciding to proceed with the purchase; (2) this disclosure/decision process is identical to other fees, such ...
Often, the HOA passes this ever-rising cost on to the homeowners in the form of higher monthly fees or larger one-time fees called special assessments. This jump in homeownership costs can have a ...
Here’s what HOAs in Florida can and can’t do to their residents under the new Florida HOA laws and which HOA rules residents can legally fight.