Even though the real estate market is gradually improving, condominium and homeowner communities are still faced with instances where a delinquent member abandons their unit/home and stops mortgage payments, but the lender does not foreclose. While condominium associations often believe they are “stuck” in these
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
Community associations are nonprofit corporations, which are funded solely by dues/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 unjust