Sunday, January 27, 2008

For Condo Renters

Coincidental to my earlier post about a condo "investor" who'd had a lien placed on his "investment" by his condominium's home owner association for non-payment of condo fees, the WaPo published a letter today from a person renting a condo whose owner was being sued for non-payment. Worse, the tenant was listed as a defendant in the suit! The WaPo's advice might be helpful for the many in DC who're renting a condo from "investors" whose condo "investments" have soured.

Not too surprisingly, as negative cash flow from such investments [I'll knock off with the " "] takes it toll, this is becoming a greater problem for condo home owner associations.

Disputes over unpaid assessments are on the rise, said [a lawyer], who also occasionally represents homeowners in disputes with their associations. Historically, community associations' budgets have assumed about a 4 percent delinquency rate. It's more than 6 percent now, she said, a situation that worries many boards. "Every association is focused on it."

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