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A Condominium Owner Did Not Pay The Assessment. How Do I Collect? (FL)

Under Florida law, condominium associations have the ability to assess unit owners for their proportional amount of the costs and expenses for maintaining and operating the condominium property. The ability of condominium associations to collect assessments from unit owners is provided for in Chapter 718, Fla. Stat., and in the condominium’s governing documents. If a unit owner does not pay his or her assessments, the association has the power to file a claim of lien and, ultimately, foreclose on the unit. However, in order for the association to successfully lien and foreclose on the unit, it must strictly comply with the statutory requirements detailed below.    Read the article………………………………….

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*Assumes 2.799% APR, 20% down payment, and conforming 30-year fixed rate first mortgage on a single family, primary residence. The monthly payment you enter includes only principal and interest. Additional required amounts such as taxes, insurance, home owner association dues, assessments, mortgage insurance premiums, flood insurance or other such required payments should also be considered. Not all individuals will qualify for a mortgage loan based on the payment entered. Rates cited are for instructional purposes only; current rates are subject to change at any time without notice.  **Posted APR is based on Mortgage Assumptions
 
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