Who is Responsible for Assessments on Properties Owned by the Association?

This is an issues that comes across our desk often.  Due to the downturn in the economy and housing market, many properties in Associations have been foreclosed on or taken over by the Association.  Many times, the Associations that has acquired a vacant property are not aware that as the new owner, the Association is responsible for all Assessments for that property, just as if it were owned by any other person or entity. 

It is imperative that the Association prepares for the added costs of owning the property, and reviews the Covenants, Rules & Regulations carefully regarding the sale or leasing of the property.  The Association must be prepared for the financial obligations required of them and plan accordingly.

We advise that the Board of Directors discuss the potential obligations of the Association with their Property Manager, Association Accountant, and Legal Advisor prior to taking over any vacant or foreclosed property in their Association.

If you have further questions on this issue, please feel free to contact our office at (239) 313-7129.  As always, we are here to help.

J Brooks & Associates, Inc. is a full service Homeowner Association (HOA), Condominium Association, Cooperative Association and Master Community Association property management company servicing all of Fort Myers, Naples, Bonita Springs, Cape Coral, and all of Lee, Collier, Charlotte, and Sarasota Counties.

17041 Alico Commerce Ct., Unit 1

Fort Myers, FL 33967

(239)313-7129

www.JBrooksai.com