If you purchase a condo in Revere, Lynn, or surrounding areas, you will probably also be responsible for paying condo association/homeowners’ association fees. These fees are mandatory, are set at the discretion of the condo association, and are non-negotiable. Designed to pay for property maintenance and upkeep, as well as repairs and insurance, condo association fees are standard. If a person doesn’t pay their condo association fees, they can be penalized as such. The following considers the rights that condo associations have to recover payments when unit owners are delinquent.
Those who own a condo for commercial or residential purposes are often obligated to pay condominium association fees. These fees are standard, and typically cover the costs of repair to the property, maintenance, insurance, perhaps water and sewer and property upkeep. The fee amount varies depending upon the property, and may increase on an annual basis.