By guest, Mar 20 2015 05:56PM
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Managing your delinquencies as a condominium association in Connecticut. In addition to any legal or fiduciary responsibility a condominium board has in pursuing delinquencies, there is a very practical and economic reason for not delaying. Under CT law, specifically, Connecticut General Statutes Section 47-258 a condominium association has an inchoate lien which has a limited priority over mortgagees. The lien was previously only in the amount of 6 months. However, the legislature recently increased the lien to 9 months.
If you delay as an association in collecting your delinquent common charges you are at risk of losing your priority to the bank. Since the foreclosure of a common charge lien is a judicial action by nature you are at the mercy and unpredictability of the court docket and time lines.
Thus, it is important that you as an association have a property manager which is on top of delinquencies and understands the financial ramifications of delaying.