Friday, July 02, 2010

Condo's Association Get Help in Collecting Deliquent HOA Fees

Many condo association have been suffering financially because home owners have stopped paying fees, and banks may not have to pay 100% of deliquent condo fees to the association.  As a result condo associations have had to delay maintenance or reduce services and amenities.  This has caused lenders to stop lending to borrowers purchasing condos in communities where these issues exist. As of yesterday Florida condo association now have much need help from the goverment in passing the SB 1196
  • Lenders Must Pay All Past Due Condo Fees, before lenders were only required to pay the last 6 months or 1% which ever is less.
  • Associations Can Make Tenant Pay Condo Fees, before a home owners could collect rent and not pay condo fees.
  • Association Can Restrict Owners from Amenities for Unpaid Fees, before owners had full use of amenities even though they stopped paying condo fees.
  • Florida Law Can No Longer Require Invididual Condo Insurance, lenders or Condo Declaration could still require owners to obtain condo insurance.
  • Condos that are over 75 fee high are not required to retrofit sprinkler systems.