A condominium association has imposed a special assessment for building repairs. At the time of closing, the assessment has been levied but not yet paid by the seller. Under the Georgia Condominium Act, how is this special assessment typically handled between buyer and seller?
Correct Answer
D) The assessment is prorated between seller and buyer based on their respective periods of ownership
Under the Georgia Condominium Act (O.C.G.A. § 44-3-109), assessments and common expenses are generally allocated based on ownership periods. When a unit is sold, unpaid assessments are typically prorated at closing so that each party bears the cost attributable to their period of ownership. While the purchase contract can modify this allocation, the default approach under Georgia condominium law is proration based on ownership periods.
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Previous Question
Mark's client is considering a home in Oakwood Commons, which has a property owners association. The association was formed in 1985 and has never been formally incorporated. Under the Georgia Property Owners' Association Act, what is the legal status of this association?
Next Question
A prospective buyer wants to review the financial records of a condominium association before purchasing a unit. The association's management company refuses to provide any financial information directly to the prospective buyer. Under the Georgia Condominium Act, how may a prospective purchaser obtain access to association records?