Assessment Forms for Condo Association Fees & HOA Dues - Special Assessment

Assessment Forms - How to Legally Collect Fees Special Assessment Hoa

An assessment is a charge or fee liable to be paid by a unit or condominium owner to a homeowner association or condominium association. A home owners association (HOA) is entitled to impose assessments on association members so that operations of the HOA can be run efficiently and maintenance expenses can be met. The HOA assessment has to be in tune with the bylaws of the HOA. The HOA must send a notice of assessment to every homeowner with details regarding the amount of assessment as well as payment date.

Depending upon the reason for which they are imposed, assessments are of two types: special assessment or regular assessment. While a homeowners association imposes regular assessments to settle ownership or operational expenses (like maintenance of pools and parking lots), a special assessment is imposed when there is a special need or unforeseen shortfall in association funds. If you have unpaid home owners association dues, your association can establish a homeowners association lien on your home. HOAs can also foreclose on homes or condos if you fail to pay your assessment on time. Liens and foreclosures are assessment tools that help HOAs ensure that assessments are paid on time.

A condominium assessment is a payment that a condominium owner has to make to a condominium association in order to cover common expenses of a property. Condo assessments are also called condo association fees or condo association dues, and are typically made as monthly payments to the condominium association. The amount of condo association fee will depend on the size of a condo, and therefore larger condos will have to pay a higher assessment fee than a smaller condo.

A unit owner condominium cannot evade liability for an assessment by not using any common facility or by abandoning the unit. In case the unit is leased out, a grantee is entitled to receive from the association a statement detailing the amount of unpaid assessment fees that are owed.

For some people, the assessment fee comes as a shock after purchase of a property. The amount of assessment is beyond their budget and they end up dishonoring the assessment fee, eventually leading to a situation where they lose their home to foreclosure. Therefore, before buying a property, it is important to perform self-assessment of the risks involved. If you do a proper risk assessment, you will be able to follow the HOA bylaws and enjoy your property. From the time you zero in on a home to the time you actually purchase it, you should become involved in a process of formative assessment of the property because of the risks that are involved in a purchase sale agreement.