Should Builders Be Required to Pay Assessments on Lots Without Houses?
Posted by Ryan McCabe at 7/1/2008 12:03 AM and is filed under Property Owners Association,Assessments,SC HOA Law,Homeowners Association,liens,SC Community Association Law,Collection law,Condominium Association 
In the current residential real estate market, I am frequently asked by boards of directors if they should collect assessments from builders who own lots that do not have houses built on them yet. The answer? Generally yes.
Refer to your declaration of covenants, conditions, and restrictions to determine if a formula exists for reducing the assessment on lots without houses. All members of an association are required to pay assessments. Generally, a builder is not immune from this requirement. Further, many declarations require that construction begin and be completed within specified time frames or face fines.
This site and any information contained herein is intended for informational purposes only and should not be construed as legal advice. Seek a competent attorney for advice on any legal matter.
Refer to your declaration of covenants, conditions, and restrictions to determine if a formula exists for reducing the assessment on lots without houses. All members of an association are required to pay assessments. Generally, a builder is not immune from this requirement. Further, many declarations require that construction begin and be completed within specified time frames or face fines.
This site and any information contained herein is intended for informational purposes only and should not be construed as legal advice. Seek a competent attorney for advice on any legal matter.
Comments