Condo Special Assessment
What is the name of your state? At the time of sale of a Florida condo a special assessment of several $1,000 was withheld at time of closing & placed in escrow as collateral on a line of credit for hurricane repairs, with HOA memo stating reimbursement to be made when line of credit was paid. LOC has been paid but the HOA now says that the escrow monies needed as collateral on an additional LOC for repairs unforseen previously & reimbursement will be delayed for unknown period. (They have received 1-1/2 million insurance for designated repairs.) Is this legal? Seems to me they are in violation of a contractual agreement by refusing to honor the terms of the original memo concerning the reimbursement.
What is the name of your state? At the time of sale of a Florida condo a special assessment of several $1,000 was withheld at time of closing & placed in escrow as collateral on a line of credit for hurricane repairs, with HOA memo stating reimbursement to be made when line of credit was paid. LOC has been paid but the HOA now says that the escrow monies needed as collateral on an additional LOC for repairs unforseen previously & reimbursement will be delayed for unknown period. (They have received 1-1/2 million insurance for designated repairs.) Is this legal? Seems to me they are in violation of a contractual agreement by refusing to honor the terms of the original memo concerning the reimbursement.
Last edited: