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Each household was expected to shell out around $60,000, and a vote was set for June 20 to determine the exact payment plan. “There will be a lot of people that lose their home, either they have ...
If you can’t pay a special assessment fee, there may be consequences, depending on your contract with the condo association. This may include a fine or late fee — only adding to your financial ...
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 ...
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 ...
In Miami, residents at the Palm Bay Yacht Club, where two-bedroom units have sold this year for between $400,000 and $500,000, are having to pay $140,000 each toward a special assessment for a ...
A special assessment district (S.A.D.) is a geographic area in which the market value of real estate is enhanced due to the influence of a public improvement and in which a tax is apportioned to recover the costs of the public improvement.
In a city like Miami, which has a large amount of HOA-run condo complexes as well as a high percentage of older, fixed-income retirees, the need to pay more and more money each month can bring the ...