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SteveH15 (California)
Posts: 28
Posted:
to all, since the part 1 has mixed up with another topics by trishB, I would like to continue the same topics as Part 2 to add clarity:

The challenge of our cases is that the developer owns 4 units of commercial, the owner on the title is ABC inc. I assume this is LLC. each owner owe assessment approx 8000. therefore he owe 32K.

ABC sold 3 of its 4 unit to another investor - called B LLC (this for sure is LLC) about 26 months ago (oct - 2015). I know we can collect the portion that B company own. The balance of this B may either be responsible by company B (the new owners) to ask company ABC to pay back. (By the way, Company B has certain percentage of the purchase amount still owe company ABC, more then enough to cover the assessment!)

What about the remaining for abc (from sept-2015 till jan-2011)? since abc still own 1 unit, I assume we can just add all the due as credit he own on his current unit?

Further the abc company still own 3 units in residential part and he is in the process to sell them. any of his unit to finish the sell process, has to go through the title transfer and account changes from our management company in the escrow process. Can we demand ABC pay the balance first in selling any of his units this company owe?

let me know your thoughts on this. thank you

MelissaP1 (Alabama)
Posts: 13,836
Posted:
I would make sure they know there is an amount owed. They may not be aware of the situation. Things happen and can't assume. Are you owner owned? I would make sure to get a lien in place before they sell to collect the money owed. Give a proper notice and have the proper procedure set up.

We have a 6 month behind we lien. 1 year behind we CONSIDER foreclosure. It is at the 6 month we basically break even at the cost of filing a lien. Each HOA is different.

Former HOA President
TimB4 (Tennessee)
Posts: 21,061
Posted:
I don't think you can simply file a lien on ABC's final property for all the past due assessments for all properties.

The only way to demand payment is with a lien.
Title companies may or may not ask if the account is current or not.
I would immediately file a lien on any existing commercial property owned by ABC.

BTW - you also need to check your governing documents. Sometimes the Declarant isn't required to pay assessments.

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