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Who owns the concrete slab under the carpet in a condo?

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
An HOA can put a lien on a property but that does not pay the bills. Now they have the legal cost of filing a lien and the HOA fees still go unpaid. The lien is only meaningful if they take over the property which can be a lengthy and costly process.

I've heard of some banks taking back a condo, then refusing to make HOA payments. They want to dump it off on the buyer/ figure it is unlikely the HOA will foreclose on a bank as owner any time soon. The fact that they take over a unit and then neglect it, turn off utilities let it mildew - just walk in and look at how little they care about their asset let alone doing right by the other unit owners.

In any event, imo a unit owner owns the concrete floor but the question would be is any sub floor below that considered a common area elements and any damages if they are building wide structural issues affecting, a wild west area sometimes...
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Condos can be nice to live in and own...this is just a problem child situation.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
Generally the rights of a condominium are between the unfinished surface of the floor to the unfinished surface of the ceiling. A year ago I had a situation where there was an outside leak which was creating surface mold and mildew (mushrooms) in a few corners of the unit. The owner eventually got the HOA to do the right thing, correct the source of the leak, and correct the problems. If the source of the problem has permeated beyond the unfinished floor I'd think the owner/REO would have primary responsibility for the problem.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
Unless the Docs are definitive; the foundation is attached to the Land (Common Ownership of ) and should be that part of the Association. As always it depends and reading is fundamental.
Always review the recorded documents (just a suggestion - do what you like). Since most Lenders have "Limited Fee's to attorney's" your probably limited as to an attorney's input, unless you can reach the corporate attorney for input (good luck with that).
 

TRESinc

Elite Member
Joined
Dec 1, 2011
Professional Status
Licensed Appraiser
State
Ohio
in my neck of the woods it is owned by the hoa and they are responsible for repairs.

one of the developments i own properties in was built using gyp-crete in the 70s and today every single floor in every unit is cracked, uneven, pock-marked or any combination of the preceding under the floor coverings. when i was doing some repairs including installing new carpet i found it in my unit. the association had to pay to have someone come in and make repairs to the damage and then put a skim coat over the entire floor. it was paid for by the hoa and fortunatley we had enough funds that no assessment was needed. i don't have any proof but i have to beleive that most people just don't care and don't report it or they have not performed their due diligence and don't realize it is an association problem.

So it appears that when a person stops making their HOA payment and mtg payments it doesn't matter the bank is not 2nd fiddle except behind the government!

BUT once the bank takes possession, then I guess THEY have to pay the HOA assessment during the time they own it...

this is correct. i own several rental condos and i am on 2 boards. we can file a foreclosure on anyone who isn't paying their hoa dues and that includes banks. i can think of two times in the past 5-6 years that we have foreclosed on a proeprty that a bank owned, and in both cases it went through to sheriff's sale. coincidentally i bought one of them.
 

Carnivore

Elite Member
Supporting Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
I did a little research and here is some interesting information. The overall Answer to the OP Question: Maybe! The Maybe is because when you read through the link below some of this rose to the level of going to court, because the HOA said no, in spite of what the doc's say.

So re-learned two things today: 1. never trust the HOA Doc's but even better 2. Never buy a condo!


If you appraise in Charlotte. I strongly recommend you stay away from any assignments in this Complex. Pawtuckett on the Green

This HOA is a disaster. Riddled with Fraud back in 2013 Maybe they fixed the problems, but I don't think so. Hardly anyone was paying there HOA fee's and even when they did the Board was stealing the money something like that.

 
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