Legal Question in Real Estate Law in Georgia
Association fees
I purchased a condo in Jan. 2007 under the assumption that we pay associations fees which include paying the water bill. In Oct. 2007, we found out that the condominiums owe $500,000 in past due water bills and turned off the water. They turned off the water again due to the balance increasing. My question is, is there i way that i can sell or discontinue my mortgage due to being no water without affecting my credit ? What can i do or what needs to be done ?
1 Answer from Attorneys
Re: Association fees
Your first sentence contains a key word - assumption. These matters are not handled with assumptions. Read your contracts, agreements, bylaws, etc. It is probably safe to say the note you signed for the mortgage does not include a provision that the loan payments are dependent on the status of the water bill.