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9 Cards in this Set
- Front
- Back
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assessment
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owners financial obligation to CA during a given period of time (usually one year)
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special assessment
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one time assessment to cover a major expense that was not included in the annual budget
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establishing annual assessments
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(total assessments required in annual budget x percentage interest as found in the declaration)/number of installment payments in a year
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acceleration
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collection of all assessments due through the end of the fiscal year
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legal procedures and remedies available to CAs to collect delinquent assessments
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- imposing a late charge
- collecting the rent from a delinquent owner's tenant - suspending privileges, voting rights - put a lien on the unit - foreclosure on the unit |
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lien on unit
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lien is a legal claim by one party (CA) on the property of another (delinquent owner) to obtain the payment of a debt
owner cannot sell or transfer the unit without settling the debt; assessment liens are subordinate to any mortgages or govt claims |
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foreclosure on unit
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legal proceeding filed in court whereby a party with a claim against an owner can claim ownership of the unit involved in order to recover money it's owed
unit is usually auctioned by court and sold to highest bidder |
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precedence of lien claims
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precedence determined by
1. statute - precedence of claims by IRS and other taxing bodies is established by law 2. governing documents - many give mortgage holder's claim precedence over other creditors' 3. time of lien filing |
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personal money judgment
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decision by judge to allow the CA to claim the owner's personal property to settle a delinquent account
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