Full question:
I have a condominium assessment of $33,000.00 that is due by the end of March 2009, but I want to withhold it until the board releases the financial documents showing the actual cost to date. Should I deposit it in an escrow account or what?
- Category: Real Property
- Subcategory: Liens
- Date:
- State: California
Answer:
Homeowner associations typically charge monthly fees and may levy assessments for major renovations or repairs. If you withhold payment, the association may take legal action, which could lead to foreclosure or other penalties.
To protect your funds, you might consider placing the $33,000 in an escrow account until the financial documents are provided. An escrow agreement would outline when the funds can be released and may include terms preventing the association from asserting a lien on your property during the dispute.
Since I cannot provide legal advice, I recommend consulting a local attorney who can review your specific situation and documents.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.