Associations in Florida - Revision history

Joetschida: /* Summary */

2018-07-03T21:21:37Z

‎Summary

Joetschida at 21:01, 15 June 2018

2018-06-15T21:01:44Z

Joetschida at 21:00, 15 June 2018

2018-06-15T21:00:21Z

Joetschida: Created page with "Associations[edit] Association Foreclosures[edit] •See Foreclosures Association Liens[edit] Under FS 718.116 and 720.3085, Associations have a lien on each unit/parcel a..."

2018-06-15T20:57:44Z

Created page with "Associations[edit] Association Foreclosures[edit] •See Foreclosures Association Liens[edit] Under FS 718.116 and 720.3085, Associations have a lien on each unit/parcel a..."

New page

Associations[edit]

Association Foreclosures[edit]
•See Foreclosures

Association Liens[edit]

Under FS 718.116 and 720.3085, Associations have a lien on each unit/parcel and the lien has priority as of the recording date of the condo dec or community CCR's. However, as to first mortgagees of record, the Association's lien [condo and non-condo] only has priority from the date that the lien was recorded. So, an Association cannot foreclose out a first mortgage unless the Association's lien was recorded prior to the first mortgage. Associations can foreclose out junior mortgages regardless of when the junior mortgage was recorded.
•After a first mortgagee obtains title through foreclosure or a deed in lieu, it has liability for unpaid assessments that came due prior to acquiring title limited to the lesser of: (1) the unit/parcel's unpaid common expenses and regular periodic assessments [non-condo statute adds "special assessments"] that came due 12 months prior to acquisition of title; or (2) one percent of the original mortgage debt.
•Duration ◦Non-Condo HOA - 5 years from recording
◦Condominium - 1 year from recording

Refinances Residential Property[edit]
•Association Estoppel is not required
•Municipal lien search is not required
•An Indemnity from the owner/borrower in favor of WFG regarding the forgoing is required

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 ===Summary===
 ===Association Foreclosures===
 *See Foreclosures

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-Associations
+===Summary===
 ===Association Foreclosures===
 *See Foreclosures

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-Associations[edit]
+Associations
-Association Foreclosures[edit]
+===Association Foreclosures===
-•See Foreclosures
+*See Foreclosures
-Association Liens[edit]
+===Association Liens===
 Under FS 718.116 and 720.3085, Associations have a lien on each unit/parcel and the lien has priority as of the recording date of the condo dec or community CCR's. However, as to first mortgagees of record, the Association's lien [condo and non-condo] only has priority from the date that the lien was recorded. So, an Association cannot foreclose out a first mortgage unless the Association's lien was recorded prior to the first mortgage. Associations can foreclose out junior mortgages regardless of when the junior mortgage was recorded.
-•After a first mortgagee obtains title through foreclosure or a deed in lieu, it has liability for unpaid assessments that came due prior to acquiring title limited to the lesser of: (1) the unit/parcel's unpaid common expenses and regular periodic assessments [non-condo statute adds "special assessments"] that came due 12 months prior to acquisition of title; or (2) one percent of the original mortgage debt.
+*After a first mortgagee obtains title through foreclosure or a deed in lieu, it has liability for unpaid assessments that came due prior to acquiring title limited to the lesser of: (1) the unit/parcel's unpaid common expenses and regular periodic assessments [non-condo statute adds "special assessments"] that came due 12 months prior to acquisition of title; or (2) one percent of the original mortgage debt.
-•Duration ◦Non-Condo HOA - 5 years from recording
+*Duration ◦Non-Condo HOA - 5 years from recording
 ◦Condominium - 1 year from recording
-Refinances Residential Property[edit]
+===Refinances Residential Property===
-•Association Estoppel is not required
+*Association Estoppel is not required
-•Municipal lien search is not required
+*Municipal lien search is not required
-•An Indemnity from the owner/borrower in favor of WFG regarding the forgoing is required
+*An Indemnity from the owner/borrower in favor of WFG regarding the forgoing is required