Who is responsible for structural issues in a condo ?
The condo association is completely incorrect in asserting that it is not responsible for the foundation issue. Interior upkeep is the exclusive responsibility of condo owners. In addition to the foundation, the owners’ association is responsible for all other external components of the property.
You may find some of the answers to be of interest to you :
Question : Who is responsible in a condominium?
Answer : According to Section 90 of the Condo Act, unit owners are responsible for the maintenance and repair of their units (i.e., after normal wear and tear), while condo corporations are responsible for the upkeep and repair of the common components (i.e., after regular wear and tear) (e.g. parking, gardens, hallways, elevators, amenities, etc.).
Question : Do condo HOA include homeowners insurance?
Answer : HOA insurance is designed to operate in conjunction with your homeowners or condo insurance to offer comprehensive protection. Despite the fact that you’ll most likely already have adequate protection via your standard house or condo insurance policy, HOAs may need additional coverage.
Question : Who pays the condo master policy deductible?
Answer : If the master policy deductible falls under Coverage A, a HO-6 insurer will pay it only if the association’s legal papers specifically state that the individual unit owner is liable for it. Simply because your client is being invoiced for the deductible does not entitle it to pay it.
Question : Who is responsible for water leaks in a condo?
Answer : A condominium owner is responsible for insuring their own unit, according to the National Association of Insurance Commissioners (NAIC). The Homeowners Association is not usually liable for damages caused by water leaks in individual condominiums; instead, it is the responsibility of the condominium owner (HOA).
Question : What are you responsible for when buying a condo?
Answer : Ordinary condominium dues almost always include a payment toward the care and maintenance of the building, but they may also include fees for heat and water, sewage and trash collection, as well as for electricity and cable television in certain instances.
Question : What happens when a condo association fails?
Answer : When condominium associations file for bankruptcy, they often do so under Chapter 11 of the United States Code, which is a reorganization proceeding. Reorganization enables an organization to reorganize its debt while benefiting from the protection of an automatic stay, which prevents collection procedures from continuing while the company is in bankruptcy.
Question : What does HOA cover for condos?
Answer : HOA fees are usually paid by condominium owners to pay the expenses of maintaining the building’s common spaces, which may include lobbies, patios, landscaping, swimming pools, and elevators, among other things. Some basic services such as water/sewer costs and trash disposal are often included in the fees.
Question : How much should you insure a condo for?
Answer :Expect to spend $30-$50 per month or $400-$600 per year on average, depending on a variety of variables such as location, age of the building, and danger of flooding.
Question : Who is liable for a water leak?
Answer : You, as a property owner, are liable for the upkeep and repair of the pipelines that provide water to your home. Included in this category are all of the pipes that run both inside and outside of your house. For example, if there is a leak on the property line, the homeowner is responsible for repairing it and replacing the water.