maryland short sale agent: Recent Maryland law affects short sales properties in condo and HOA communities
- 09/16/11 06:31 AM
Effective October 1, 2011, a new law (HB 1246/SB 946) in Maryland establishes that condo and homeowner associations can place a limited priority lien on the unit with dues in arrears. The lien is limited to 4 months of unpaid regular assessments for the common expenses or a maximum of $1,200. The lien total can not include late fees, interest, attorney’s fees, and other charges. The lien will take priority over all other liens except those imposed by government agencies. This legislation will have an effect on short sales. Although it is unlikely that all condo and homeowner associations will rush … (0 comments)
Effective October 1, 2011, a new law (HB 1246/SB 946) in Maryland establishes that condo and homeowner associations can place a limited priority lien on the unit with dues in arrears. The lien is limited to 4 months of unpaid regular assessments for the common expenses or a maximum of $1,200. The lien total can not include late fees, interest, attorney’s fees, and other charges. The lien will take priority over all other liens except those imposed by government agencies.
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