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By Jeffrey R. Nuckols, Esq.
That’s a good question, but why would you want to pay extra to your condo association? Maybe another question to ask first is how your association management feels about early payments or carrying a surplus on the books for your unit. If your association management doesn’t get annoyed about your having a bit of reserve in your account, then it might be something to consider depending on your circumstances. Click on the title above to read more.
So back to the first question about paying extra to your condo association: is that a good idea? Maybe. A lot of folks would say things like they know how to keep up with association fees and assessments, or they don’t see the point in having money sitting somewhere that doesn’t pay interest. Those thoughts are generally correct. There might be a few folks, though, that feel like keeping some reserve on account with the condo association might keep them from falling behind because of some special assessment that they missed.
What about a special assessment by the condo association? What if you didn’t know about the special assessment? Wouldn’t a little cash reserve with the condo association help with that? Well, generally you should know about a special assessment by the condo association. Chapter 718 of the Florida Statutes provides that the association must give 14-day notice of any board meeting during which a nonemergency special assessment will be considered. Notice of a meeting in which regular or special assessments will be considered must say so.
If you attend the association meetings and pay attention to notices provided by the association, you won’t be caught by surprise very often. Then the idea of keeping some reserve on account with the condo association seems less important. Remember to keep current on your payments to your condominium association.
If you ever do miss payments to your condo association, they can file a claim of lien against your unit. If you get notice from the post office that your association has sent you certified mail, make sure you go to the post office to get it. It could be the first notice in the claim of lien process. If you have questions about a condominium association claim of lien, call Jeff Nuckols at DKN Legal at 321-329-5449.
Nothing in this article should be construed as legal advice nor as forming an attorney-client relationship or any other form of legal representation. Consult with an attorney at DKN Legal or another attorney of your choice for legal advice.