I currently own a condominium in Virginia Beach, VA. Our Condominium Association has decided to implement two separate special assessments for future improvements and repairs to the buildings and property. The total cost is about 3.7 million dollars. There are 144 units in the property and this will cost each unit owner $7,500 for the first assessment and $9,600 each for the second assessment. They have indicated that we can make monthly payments towards these assessments. We can pay $200.00 per month for the first assessment, which will begin on July 1, 2011, and then $160.00 per month for the second assessment, which will begin on September 1, 2011.
I have a couple of questions regarding the agreements that they have for these payment plans.
1. The payment plan for the second assessments specifically states the dates of the payment plan (Sept 1, 2011 through August 31, 2016); however, the first payment plan does not provide an end date. I just want to know if this is legal?
2. The condominium association is also stating that they will take a lien against my property while I am making payments. Is it legal to take a lien against my property if I am making the monthly payments? I thought they could only take a lien if the work has been done and you have not paid for the work? We are making payments for work that has not been completed yet.
I would appreciate any input and information that you can provide regarding my situation. Thank you.
Crystal
I have a couple of questions regarding the agreements that they have for these payment plans.
1. The payment plan for the second assessments specifically states the dates of the payment plan (Sept 1, 2011 through August 31, 2016); however, the first payment plan does not provide an end date. I just want to know if this is legal?
2. The condominium association is also stating that they will take a lien against my property while I am making payments. Is it legal to take a lien against my property if I am making the monthly payments? I thought they could only take a lien if the work has been done and you have not paid for the work? We are making payments for work that has not been completed yet.
I would appreciate any input and information that you can provide regarding my situation. Thank you.
Crystal
