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Buying Association Assets |
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Mrs. Lank, I purchased my home two years ago. At that time the Homeowners Association fee was up-to-date and I have made the payments since then.
Recently the Association decided to disband. I was sent a check that included fees since the Association was started in 1995 plus interest. Legally am I entitled to this money as the current homeowner or should a portion of this money be sent to the original homeowner? |
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When you bought your unit, you also bought the seller’s share of the assets (and debts) of that Homeowners Association. If there had been a shortage the next year, even if it was due to underfunding in the past, you would have had to help make it up. Those sellers turned over all their interests in the property to you, so I don’t think you need to worry about them. |
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Edith
Originally published on January 6, 2006 |
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