Industry News

California court: Condo owners must pay assessments on air

Buyers could end up paying after first condo completed or face foreclosure
Published on Feb 10, 2006

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If you're working with investors considering buying unbuilt condominium space in California, be sure they read the condo governing documents before the purchase. If the covenants, conditions and restrictions (CC&Rs) tie the payment of assessments to the completion of the first condo in the development, buyers must pay assessments on their "air lot" or face foreclosure, a California appellate court has ruled in Bear Creek Master Association v ...

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