The Commerce Journal,Business and Local Businesses
*The Commerce Journal>>>Renting & Real Estate

Special Assessment protection?

My relative who lives overseas owns a condo here in the U.S. There has been a need to repair the building, and so the condo assoc. is planning to issue a special assessment next year. My relative does have an owner's title insurance.

Does this help him any? Also, is it possible for him to get a condo insurance if he doesn't have an SSN?

Title insurance has nothing to do with paying for needed repairs to property, and that is what this special assessment is intended to do. Your relative will have to pay whatever assessment is decided upon by the condominium board. If he fails to pay, a lien will be filed against the property.

First off, owner's title insurance does nothing to protect against a special assessment that was put in place after he bought the property. It only protects if the assessment was put in place BEFORE he bought it and he was not informed of the assessment.

Condo insurance should be obtainable by him if he calls some insurance agencies. This won't help with the assessment, either.

Best of luck!

Tags
　　Germany Taxes 　　Canada Taxes 　　Australia Taxes 　　Small Business 　　Renting & Real Estate 　　Personal Finance 　　Investing 　　Insurance
Related information
  • Do you have to report to the county if you turn your singe family home into a multi-unit?

    These are not legal units. The county will more then likely make her tear them down, not simply stop renting them.

    ...
  • How do I stop someone from building rental slums next door?

    There ARE county building codes. Even if they are rudimentary they will exist. If he is not violating any codes then there isn't much you can you. Just as no one tells you what to do wi...

  • At what time can I able to sell my home without any loss?

    is there anything special about your area like new jobs ? Is there anything special about your current home that others in the area can not offer ? Unless there is something special the entire cou...

  • Estate Agents .... love them or hate them ???

    Well, I am an estate agent, and have been for 15 years. I am not sure if I am abnormal, but I get tons of thank you cards, chocs and flowers from satisfied customers. I run a very successful offi...

  • Can I get out of my lease because of a moldy basement?

    This can legally get you out of your lease if it is indeed a toxic mold. Many people confuse mildew with mold, and also most mold itself is not dangerous. However some is. There are home te...

  • What are SAFE areas to look for studio or 1-BR apt in the bay area?

    I'm not trying to be funny or anything but in the Bay area, Safe and $1000.00 a month don't really go together. I would try and find a nice roommate first. Anywhere in Napa and Sonoma are...

  • If I file bankruptsy and I surrender my house in forclosure do I have to pay the difference in the noten sale?

    going to depend on your financial situation and that will be determined by the trustee of the bankruptcy court. a bankruptcy attorney is the only one that can best advise you of your plan of ac...

  • Has anyone purchased a timeshare at Briggs Ranch San Antonio,Texas. R U Involved in the lawsuit against them

    I would like to know the answer to that. I wonder if that information is on record at the county courthouse? I have filed complaints with the Better Business Bureau about them misrepresenting t...

    • 　

    Commerce Categories--Copyright/IP Policy--Contact Webmaster