Condo Owners Could Face Millions Of Dollars In Potential Liability
Senate Bill 551 clarifies condo associations’ right to conduct non-judicial foreclosures, which could save condo owners from footing the bill in a multimillion-dollar class-action lawsuit.
Even those who live in a condo may not realize how much the actions of a few residents affect the lives of everyone living there. Condo living means sharing common areas with your neighbors, like the pool or the barbecue area. It also means sharing the costs of maintaining those areas, as well as the general day-to-day costs.
Condo associations run on maintenance fees. Each owner pays their fair share to keep the lights on and the water running — at least, that’s how it should work. Unfortunately, every condo association has to deal with people who pay their bills late, or don’t pay them at all.
Too many delinquencies affect an association’s ability to operate smoothly, which means the board needs to trim costs or make up for the shortfall. This often results in increased maintenance fees for everyone else.
Read more: https://www.civilbeat.org/2019/07/condo-owners-could-face-millions-of-dollars-in-potential-liability/