Even though the real estate market is gradually improving, condominium and homeowner communities are still faced with instances where a delinquent member abandons their condominium unit and stops mortgage payments, but the lender does not foreclose. While condominium associations often believe they are “stuck” in
Condominium assessments are the lifeblood of any condominium association. A condominium association cannot function and provide essential services to co-owners unless assessments are collected. Unfortunately, dissatisfied co-owners often threaten to escrow or withhold assessments as a means to get what they want. Examples of situations
As many new condominium co-owners are aware, the general operations of a condominium association are funded through annual assessments. MCL 559.169 sets forth the requirements for imposing assessments in a Michigan Condominium as follows: 559.169 Assessment of common expenses; contribution of co-owner. Sec. 69. (1) Except to
Condominium associations are nonprofit corporations, which are funded solely by HOA assessments paid by members. Unfortunately, when one member fails to pay his or her fair share, the rest of the members must make up the difference. As a matter of equity, it is simply
