Colorado Springs, CO asked in Real Estate Law for Colorado

Q: We purchased our town home in August 2018. We just received an assessment for $2936.62 to be paid by August 15, 2019.

This assessment is for a 20 unit fire that happened March 26, 2018 when we didn't even in own our home. Our insurance will not cover this assessment being we didn't have possession at the date of loss. Are we required to come out of pocket to pay this?

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1 Lawyer Answer
Donald C Eby
Donald C Eby
  • Castle Rock, CO
  • Licensed in Colorado

A: The unfortunate answer is yes. When it comes to HOA assessments the owner at the time of the Assessment not the underlying damage is responsible for paying the assessment.

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