Are purchasers of condos responsible for past owners’ unpaid assessments?
Real Estate Attorney Paolo Wieser, based out of Primmer’s Littleton NH office, recently wrote an article for the New Hampshire Business Review about the controversy surrounding condo associations’ delinquent assessment payments.
According to the Community Associations Institute, of the thousands of associations that exist in New Hampshire, more than 40 percent belong to condominiums. That’s a lot of condos.
These “communities within communities” are largely dependent on the health of their membership. Timely assessment payments help keep condo associations afloat. Those without a slew of delinquencies should consider themselves blessed, or lucky, or both. Smart associations supplement their good fortune with diligent budgeting for the inevitable. But many, especially those that have been around for decades, rarely take adequate precautions.