Annual Assessments for Improvements
Hire a lawyer to make an annual assessment to improve your lot area
When you are planning to assess and maintain the lot in the area you need to first prepare an Annual Assessments for Improvements form. However, you can download this template from the online or hire a lawyer to get this form prepared without any legal jargons. It is recommended to hire a lawyer to prepare this form, since these people have ample experience in preparing these Annual Assessments for Improvements forms by including all terms and conditions without leaving any loophole for either party to take advantage of another. It is the duty of the grantor (seller) to maintain the lot in the area in proper condition every year. Moreover, if the lot is found to be in ramshackle condition, then he/she has to assess and maintain it to retain it in top-notch condition. When the grantor is planning to sell the property to the grantee, the property has to be in good condition without any repairs. Most importantly, this should not charge anything to the grantee to whom the title is being transferred by the grantor.
However, it is the responsibility of the grantee and his/her successors and each lot owner to pay a certain amount to the grantor every year in advance. However, the modifications that are made to the lot without giving prior notice to the owner, will become a lien for the lot maintenance until it is paid. But, if the payment for the assessment or maintenance is not paid on the specified time, then the grantor, successor and assigns would have to face the legal suits or otherwise have to pay the lien amount with interest from the due date. Furthermore, the owner of the lot has to pay an additional amount for the liquidated damages. Generally, these charges when not paid will stand as a lien on the land irrespective to whom the land is being sold.
Sample Template Preview
Each and every lot in the area shall be subject to an annual maintenance charge or assessment to be levied by grantor, its successors or assigns in each and every year, which assessment or charge as to lots retained by grantee or later conveyed by grantee, or his [her] successors in interest and title, to others shall not exceed, on any lot, _________ percent of the pro rata acreage cost paid by grantee for all land conveyed to grantee or his [her] successors in interest and title.
Grantee, his [her] successors in interest and title, and each lot owner shall pay charges or assessments annually to grantor, its successors or assigns, in advance, on the _________ day of _________[month], _________[year], and in each and every later year. The charges or assessments shall, without notice to the owner, be due and become a lien (and shall continue until paid) upon each respective lot, and in default of payment of the charges or assessments at the time specified, grantor, its successors or assigns, may institute suits or prosecute proceedings in law or in equity as may be necessary to enforce the lien and payment, with interest at _________ percent per annum, from the due date. Furthermore, in default of payment, the owner of the lot shall pay the additional sum of _________ dollars as liquidated damages. All charges or assessments, after becoming due, shall, until paid, remain a lien upon the land in any event, no matter by whom the land is owned.
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