Special assessment
An extra charge from an HOA or local government to pay for a big project like a new roof or road. Buyers should ask whether one is planned before closing.
Also called: assessment
Related terms
The organization that runs a condo, townhouse, or planned community. It collects dues, maintains common areas, and enforces rules that owners must follow.
A yearly tax set by local governments based on a property's assessed value. Lenders usually collect it monthly through escrow, and rates vary widely by location.
A home where you own your unit and share ownership of common areas like halls, roofs, and grounds. An HOA manages the building, and monthly dues cover shared costs.
A form where the seller lists known problems with the property, such as leaks, repairs or defects. Requirements vary by state; a few states lean toward buyer-beware rules.
A legal claim against a property that secures a debt, such as a mortgage, unpaid taxes or contractor bills. Liens generally must be paid off or released before the property can be sold with clear title.