Responsible for HOA FEES if Signed Deed to Bank?

[website2560]

What is the name of your state (only U.S. law)? NY
Hello, I recently signed the deed and all other documents over to the bank
since I'm doing a deed in lieu. The home is a condo/townhouse and there are
monthly HOA fees.

Since I've signed the deed over to bank, am I still responsible for HOA payments?

The bank has sent the documents to county for recording 6 days ago.

 

[LdiJ]

What is the name of your state (only U.S. law)? NY
Hello, I recently signed the deed and all other documents over to the bank
since I'm doing a deed in lieu. The home is a condo/townhouse and there are
monthly HOA fees.

Since I've signed the deed over to bank, am I still responsible for HOA payments?

The bank has sent the documents to county for recording 6 days ago.

You certainly are not responsible for any future HOA fees. However, you still may be responsible for any past due HOA fees.

 

[You Are Guilty]

You certainly are not responsible for any future HOA fees. However, you still may be responsible for any past due HOA fees.

Just for 100% accuracy's sake, let me fix that for you:
"Absent an agreement to the contrary, you will not be responsible for any future HOA fees. However, absent an agreement to the contrary, you will almost certainly remain responsible for any past due HOA fees."

 

[colourfastt]

Let me add: you are responsible for the HOA assessments until the bank TAKES TITLE. Just signing it over doesn't transfer the title of the property until it's duly recorded. And as a Florida HOA president, I can tell you that banks are not taking title to properties, so the HOA is stuck in the middle. Neither the homeowner nor the bank is paying assessments on the property leaving those who are paying to pick up the "slack".

 

[website2560]

Thanks for the comments but it seems as though the responses are different.
Does anyone have more info on this or more solid answer? Appreciate the help.

 

[LdiJ]

Thanks for the comments but it seems as though the responses are different.
Does anyone have more info on this or more solid answer? Appreciate the help.

The above reply from colorfast really is not accurate. A bank accepting a deed in lieu is different than a foreclosure. In a foreclosure the bank can basically delay for a very long time taking possession of the property. They can leave it your property legally for a very long time. When its a deed in lieu of foreclosure I suppose a bank can delay recording the deed, but the property is still theirs because they accepted the deed in lieu.

 

[latigo]

Let me add: you are responsible for the HOA assessments until the bank TAKES TITLE. Just signing it over doesn't transfer the title of the property until it's duly recorded. And as a Florida HOA president, I can tell you that banks are not taking title to properties, so the HOA is stuck in the middle. Neither the homeowner nor the bank is paying assessments on the property leaving those who are paying to pick up the "slack".

I don’t care if you are the president of your HOA and your local Kiwanis Club your response is a gross misrepresentation of law!

Recordation has nothing to do with the transfer of title from the grantor to the grantee. Not in New York, Florida or elsewhere. Title to real property passes concurrent with the delivery and acceptance of the deed, duly executed and acknowledged by the then current owner.

Read Section 695.01 of your Florida Statutes which provides that the recording is only necessary as to be effective against subsequent bfp’s and mortgagees without notice.

And neither that FS Section nor any other declares that a deed conveying real property must be recorded before it becomes effective between the grantor and the grantee!
_________________________

If the bank accepted the delivery of the OP's deed in lieu of foreclosure, IT TOOK TITLE AT THAT MOMENT. Whether it elected to record the document or not is incidental because the bank then became the owner of the parcel.

And by Florida’s HOA statutes (Title XL Chapter 720) only “parcel owners” can be held personally accountable for HOA assessments.