Search results
Results from the WOW.Com Content Network
For example, if a roof will last 20 years but cost $20,000 to replace, the HOA must set aside $1,000 a year over 20 years to pay for it, money raised through special assessments.
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 ...
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 ...
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.
For example, contrary to popular belief, "MAI" does not stand for "Member, Appraisal Institute". According to the institute, the letters "do not represent specific words", and an MAI may not use the words "Member, Appraisal Institute" in lieu of the MAI mark. The primary motive for this rule is to prevent trademark dilution. These designations ...
A special assessment fee is paid by condo owners on top of their usual monthly maintenance fees. According to the report, the condo board approved the special assessment fee based on findings from ...
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 ...
The assessment for federal misdemeanors range from $5 to $25. For example, a person convicted of 14 federal felonies would need to pay 14 $100 special assessments, for a total of $1,400. The money is used to fund the Crime Victims Fund. The sentencing judge is not authorized to waive the special assessment, even for the indigent. [4] [5]