What happens if another Owner doesnt pay his share of the on-going Operating Expenses, or property taxes?
• Like a condominium home owners association, if an Owner does not pay their share of any expense, as and when due, the fractional HOA may foreclose on that Owners deeded share, following a strict protocol, and reimburse the HOA from the proceeds of the foreclosure. It is unlikely any action of this severity will ever be necessary. In no case, is your deeded share ever in jeopardy by another Owners default. The buyer of the foreclosed share will then step into the shoes of the defaulting shareowner and thereafter be responsible for that equity shares respective share of expenses.
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