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Condo unit owners and co-op shareholders may want to consider adding optional coverage for loss assessments. ... assessed for a covered claim, which is a fee assessed to all units to cover the ...
A special assessment fee is paid by condo owners on top of their usual monthly maintenance fees. ... building residents claim the process was rushed, needed more transparency, and bypassed the ...
Private transfer fee covenants, like similar covenants and restrictions attached to real property, generally provide for legal and equitable remedies, including foreclosure of a lien and a claim against the owner, who, in taking title to the real estate, takes title "subject to" all claims and assessments.
An owner controlled insurance program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all liability and loss arising from the construction project (subject to the usual exclusions).
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 ...
Condo owners must begin reserve contributions in 2025 or 2026. Monthly condo assessment fees jumped by nearly 60% over the past five years in South Florida. Then there are the special assessments ...
The difference with "special form" policies is that they cover all losses unless specifically excluded. Unlike the prior forms, all unlisted perils are covered perils. However, if something happens to the home, and the event is on the exclusions list, the policy will not provide coverage. Special-form excluded perils: Ordinance of law ...
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