Who is responsible for property owner association fees?

The owner of a property is responsible for paying association assessments. This is made clear in the governing documents signed at the time of purchase.

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These days, however, unless the association's governing documents are specific, some banks that end up holding title to association property do not pay assessments.

Best practices dictate that any owner, including a bank, that does not keep up with paying assessments be tracked and reminded of the obligation to pay.

When assessments are not paid, and collection efforts fail, the association may be able to file a lien, or essentially foreclose on a property in arrears.