Condo Association Problem?

The state may appoint a receivership to take over the association. Your association will incur large fees to cover the costs of the receiver. Owners may find it extremely difficult to sell their units because lenders will be reluctant to offer a mortgage to new buyers in your association. This is truly bad news for you and your neighbors and should be avoided at all costs. Settle your differences and work together!

In California, associations are covered by the Davis Sterling Act, section 1365, et seq., of the Corporations Code.

You need to keep your condo fees up to date or you can be legally foreclosed on. Only a portion of the condo monthly fee goes towards the insurance.there are many other expenses regarding the building and property maintenance that are paid from each condo owner's fee. They may have just changed insurance companies because the law requires all buildings under the condo act to have adequate insurance. All condo owners have the right to inspect all records. This is the law.