What does the acronym FITFIL stand for?

The acronym FITFIL stands for "First in Time; First in Line." This phrase is primarily used in legal and real estate contexts, particularly in relation to securing rights or interests in property. The concept implies that when multiple parties have claims to an asset, the one who established their claim first effectively has priority in terms of that claim.

In community association management, understanding this principle is critical, especially when dealing with issues such as lien priority and foreclosure. If a community association has a lien placed on a property due to unpaid dues, they must be aware of the order in which various claims may be settled. The idea of being "first in time" relates to who filed their claim or lien first, thereby becoming "first in line" to receive payment or remedies in the event of a default.

This understanding is vital for a community association manager, as it affects how they manage financial interests, respond to delinquent accounts, and advise homeowners about potential risks related to property ownership.