It is important for those involved with community associations to have a general understanding of how a Trustee’s Sale can affect the Association’s interest in a property. What is a trustee’s sale? In a nutshell, a trustee’s sale occurs when the homeowner falls behind on his/her house payments and the lender no longer wants to…
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Common Area Property Tax Valuations
The County Assessor is required to mail out the 2021 property valuation notices no later than March 1, 2020. Each planned community association should receive such a notice for its common area parcels. Please review the valuation notices received to ensure that they reflect common area valuation (“CAV”), which a valuation of $500. If your…
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Prevention of Damage in Condominiums
Does your condominium association have numerous part-time residents or vacant units? Are the owners within your community aware of preventative measures to take before they leave their unit for a vacation or extended period of time? Does your association have the documentation in place to address responsibility for payment of the association’s insurance deductible in…
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