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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (57892)	7/17/2006 1:47:40 PM
From: ChanceIs	Respond to of 306849

>>>If the bank forecloses on a condo, are they responsible for keeping the unit up to condo association codes?<<< I think that the owner (in this case the bank) is responsible for keeping the unit up to standards, and that would include the arrearage on the condo fees. Its analogous to buying a corporation, you buy the corporation's debt with it. The condo owes the dues to the association. The condo association can certainly sue the bank, or foreclose the property for the arrearage - wouldn't that be comic. Caveat emptor. If the bank hasn't kept the unit up to standards during its ownership (eg - nice white curtains) then the new owner will have to do it. They would be fools not to go over all of that when talking price with the bank before purchasing the foreclosed condo from the bank.