Difference between revisions of "Associations in Florida"
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| − | + | ===Summary=== | |
| − | Association Foreclosures | + | ===Association Foreclosures=== |
| − | + | *See Foreclosures | |
| − | Association Liens | + | ===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. | 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 | ◦Condominium - 1 year from recording | ||
| − | Refinances Residential Property | + | ===Refinances Residential Property=== |
| − | + | *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 | |
Latest revision as of 13:21, 3 July 2018
Summary
Association Foreclosures
- See Foreclosures
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.
- Duration ◦Non-Condo HOA - 5 years from recording
◦Condominium - 1 year from recording
Refinances Residential Property
- 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
