Legal Question in Real Estate Law in Colorado

HOA 'Special Assessment' liability at foreclosure

I'm thinking a grabbing up a foreclosure property in Colorado. There are certainly arrears in the HOA fees but there are also arrears in 'special assessments' (one time fees that have now actually happened twice this year). A minimum bid is in place (set by the bank) but apparently it doesn't include what I know to be several thousand dollars of 'Special Assessments' for new roof etc. I'm not sure if it includes any arreears for the monthly HOA fees. If I win the bid - will I then be immediately liable for or otherwise could I be sued by the HOA for these special assessment arrears?


Asked on 5/06/08, 6:10 pm

1 Answer from Attorneys
Charles Aspinwall Charles S. Aspinwall, J.D., LLC

Re: HOA 'Special Assessment' liability at foreclosure

You will purchase the property subject to all mortgages, liens, and other charges which attached to the property prior to your purchase. That will include accrued HOA fees and unpaid special assessments, and any other legitimate charges which arose prior to your purchase. You will also be liable for HOA fees and special assessments AFTER your purchase, in accord with the rules, regulations and by-laws of the HOA. Be sure to check the county records for any materialmen's or construction liens which the prior owner may have caused.

Read more
Answered on 5/06/08, 7:38 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in Colorado