Property Management (alternative)
A Maryland HOA may place a lien on a unit owner's property for:
AAny disagreement with the homeowner
BUnpaid assessments and HOA fees after following proper notice procedures✓ Correct
CUnapproved exterior paint colors
DLease violations by the owner's tenant
Explanation
Maryland HOAs have the statutory authority to place liens on units for unpaid assessments after following required notice procedures, and may foreclose on those liens.
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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.
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.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
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