My relative who lives overseas owns a condo here in the U.S. There has been a need to repair the building, and so the condo assoc. is planning to issue a special assessment next year. My relative does have an owner's title insurance.
Does this help him any? Also, is it possible for him to get a condo insurance if he doesn't have an SSN?
2007-12-27 02:17:59 · 2 answers · asked by Stan Q. 2 in Business & Finance ➔ Renting & Real Estate
Title insurance has nothing to do with paying for needed repairs to property, and that is what this special assessment is intended to do. Your relative will have to pay whatever assessment is decided upon by the condominium board. If he fails to pay, a lien will be filed against the property.
2007-12-27 03:41:59 · answer #1 · answered by acermill 7 · 1⤊ 1⤋
First off, owner's title insurance does nothing to protect against a special assessment that was put in place after he bought the property. It only protects if the assessment was put in place BEFORE he bought it and he was not informed of the assessment.
Condo insurance should be obtainable by him if he calls some insurance agencies. This won't help with the assessment, either.
Best of luck!
2007-12-27 02:54:50 · answer #2 · answered by trblmkr30 4 · 1⤊ 1⤋