Friday, February 10, 2006

Paying homeowner association fees on "air" condos

Centex Fusion devotees, more power to you if you're willing to plunk down money on a condo in a market that's about to tank, but I hope you read the fine ultra-tiny 2 point font fine print in your covenants, conditions and restrictions (CC&Rs).

According to California legal precedent, "air" condo owners must start paying assessments once the first condo is built in a sub-development, or they face foreclosure. The California appellate court ruling was (how appropriate) Bear Creek Master Association v. Edwards. There is a tiny amount of wiggle room out insofar that the association can discount out a portion of the fee that would go toward condo maintenance - since the condo isn't yet built.

This is a February 10 Inman News story by G. M. Filisko.


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