Submitted by jkspup on Fri, 11/20/2009 - 15:36
Posted in
I am the head trustee for a 10 unit condo building in Massachusetts. One of the units went into a short sale and since the current owner has not been paying his condo fee. The amount has now surpassed $2000. The trust does have rights of first refusal on any sale but I am not sure if this is a option or not. What are my options. Any help is much appreciated.
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Non Payment of Condo Fees
The simplest solution is often the best. The Association should;
first, send a statement to either the purchaser at the auction, or the foreclosing bank if there was no sale to an outside high bidder. The statement should represent all costs and fees outstanding on the unit. Use of the 6d certificate form you have for the condo should be fine. Send same by regular mail and certified mail. Include a cover letter advising that the condominium assn. is owed the monies shown and if not paid, that the assn. will commence legal proceedings to collect the same and foreclose on the unit.
After waiting a few weeks for payment, you should then engage an attorney to commence proceeedings in court to foreclose for failure to pay the amounts due to the condominium assn. The costs of the proceeding may be added to the amounts due, assuming your condo assn docs provide for the same. The attorney will take it from there, bring suit, and if necessary, foreclose on the unit. Normally, the lender who holds the mortgage on the unit will quickly pay the same, as your assn. condo dues come before the priority of its lien.
Your $2,000 could wipe out the banks mortgage, something they will not generally allow to happen. The downside is that you may be required to pay some of the costs of collection before you are reimbursed, if the process continues for a long period. If the owner pays, the assn will be made whole. If not, you may wind up owning the unit, (and provide an increase in value for the price of YOUR units, as a buyer is actually buying 1 unit plus one ninth of the unit owned by the assn.) or sell the same on the open market. Either way the assn. should windup with a windfall.
If you keep the unit, it would be rented by the assn and the rents would provide income to defray the costs for the remaining owners. If you take the unit back, you probably will have a non-rent paying tenant in residence. You will then have to evict the tenant. Whether you are paid by the new owner after sale, or wind up owning the unit in the assn., your condominium will be benefited. I hope this has assisted you. If you need more information, please do not hesitate to contact me.
Attorney Kevin Gaughen Sr.