Property Management
A Maine condominium unit owner who falls behind on association assessments may have their unit:
ATaken by the municipality for back taxes
BSubject to a lien and potentially foreclosure by the condominium association✓ Correct
CSeized by the state under eminent domain
DAssigned to a temporary administrator
Explanation
Under Maine's Condominium Act, a condominium association has a lien for unpaid assessments against the unit owner's unit. If assessments remain unpaid, the association may foreclose on the lien.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Eminent DomainThe power of government to take private property for public use, with the requirement to pay the owner just compensation.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Math Concepts
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