CIC documents create statutory liens for which dues and assessments?

CIC documents create statutory liens for which dues and assessments?

• A. Property taxes
• B. HOA dues and assessments
• C. Mortgage liens
• D. Special assessments for road work

Answer: (B)

Community Interest Communities documents give the homeowners association a statutory lien for amounts owed to the association in the form of dues and assessments. This right ensures the HOA can secure funding for maintenance and operations of common areas by attaching to the property if dues or assessments aren’t paid. It includes regular assessments and any authorized special assessments the HOA levies to cover projects or repairs. Property taxes are collected by the government, and mortgage liens come from lenders securing loans, so they aren’t created by CICs. Special road-work assessments are a type of assessment the HOA may levy, but the lien itself is best described as the dues and assessments owed to the HOA.

Community Interest Communities documents give the homeowners association a statutory lien for amounts owed to the association in the form of dues and assessments. This right ensures the HOA can secure funding for maintenance and operations of common areas by attaching to the property if dues or assessments aren’t paid. It includes regular assessments and any authorized special assessments the HOA levies to cover projects or repairs. Property taxes are collected by the government, and mortgage liens come from lenders securing loans, so they aren’t created by CICs. Special road-work assessments are a type of assessment the HOA may levy, but the lien itself is best described as the dues and assessments owed to the HOA.