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Can I get out of foreclosure purchase if the board knew of defects and they were not disclosed preforeclosure of condominium?
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Does the Declaration of ownership extend beyond the sale of the Condominium units?
Once you purchase a condominium unit, whether you are its first owner or subsequent owner, the condominium declarations will always be in force.
What is a foreclosure under contract?
That means a lender has executed a purchase and sale contract on a property it owns by foreclosure and a sale is pending.
Can you purchase another house if your house is not in foreclosure?
mo ney
What credit score do condos want?
When you purchase a condominium, your lender will determine the acceptable credit score. When you rent a condominium from an owner, the owner makes a similar determination.
Can the condo association deny a buyer?
Condominium associations are not usually in the business of screening buyers. If you believe that you have been denied the ability to purchase a condominium unit, contact a civil-rights savvy attorney to help you make the purchase you want.
What is the importance of a foreclosure of a house?
Houses go into foreclosure when the owner can no longer afford to make the house payments. Many people look to purchase foreclosure homes as they can often be purchased for a low price.
What is the price of a condo?
When you purchase a condominium, you purchase the unit. As well, you purchase an interest in the real estate assets owned by the community. These assets may include common areas, limited common areas, amenities, roadways, parks and so forth. Generally, all these assets are included in the price of a condominium.
Is condominium an investment?
Any real estate purchase is an investment. Condominium as a form of real estate ownership can cover residences, businesses, recreational areas -- boat slips in a marina, and more.
Who do you get a Condominium Declaration from?
You typically get a Condominium Declaration from the developer or the property management company of the condominium complex. It is a legal document that outlines the rights and responsibilities of the condominium owners and the rules and regulations of the complex.
Where do you get a Condominium Declaration?
If you are developing a condominium project, you hire an association-savvy attorney who crafts the governing documents, based on state law that governs condominiums. When you purchase a condominium, by law you are entitled to copies of all your governing documents. (In Washington State, these documents are packaged in the Resale Certificate.) If you own a condominium, and your copies are lost, your association manager can provide you with copies, which you pay for. If you are interested in buying a condominium, again, you can purchase copies of the governing documents, most of which are public record.
Is California a non deficiency state?
My understanding is that you are right and the deficiency judgment cannot be persued after the foreclosure action by the lender that did the foreclosure in California "IF THE LOAN is a PURCHASE MONEY loan (which means the loan was used to purchase the property). However, if the loan is a refinance or a HELOC than the No Deficiency Judgment Rule does not apply. However, if a Short Sale is done instead of a Foreclosure - then the foreclosure action no longer exists and the lenders (non-purchase or purchase) can persue a deficiency judgment. Also - if I understand this correctly - even if the second lender is purchase money - if the 1st forecloses, the second did not - and therefore may be entitled to persue a deficiency judgment.
After foreclosure do I have to pay condo fee?
Assessments - you call them fees -- pay for the operation of the condominium community. Whoever enjoys the ownership privileges of the community is liable for the monthly assessments. If you are the owner upon whom the foreclosure is executed, you still owe your unpaid assessments up to that date. If you no longer own the unit and there are unpaid assessments that you owe, these are valid debts you are obliged to pay. Read your governing documents to verify that assessments are an automatic lien in your title, and that you may also be liable personally to pay the debt. When you purchase a condominium that has been in foreclosure, you are required to pay the ongoing assessments, and may have a responsibility to pay the assessments in arrears, depending on how the foreclosure agreement was structured.
