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Steinlaw, Attorney
Category: Legal
Satisfied Customers: 1811
Experience:  8+ years as an insurance adjuster, 7+ years as a personal injury and consumer law attorney
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Hi, Im considering purchasing a foreclosed condo in a building

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Hi, I'm considering purchasing a foreclosed condo in a building in Baltimore, MD that contains 3 other units. All the units are being marketed by individual brokerages that sell REO properties, with two of them having been sold so far. The building itself is REO'd by PNC. There currently is no condo association. Several issues concern me. The slate roof developed a leak which created a problem with the unit I'm interested in. The unit itself is about 95% complete, with just some trim and wiring to be finished. Also, the common areas (lobby, stairwell, etc.) are not completed due to the original developer walking away from the project. What advice can you give me regarding the purchase, helping to create a HOA / Condo Association, personally paying for repairs to the common areas, etc.? Thank you very much.
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Steinlaw :

Have you had a chance to review the CC&Rs for the building yet?

Customer: replied 6 years ago.
No. Where are they normally made available?
You need to ask the selling agent for a copy of the CC&Rs. Do NOT buy without these. This document will tell you how to create the board. It may be an issue that a board cannot be created until ALL units are sold. If that is the case, you may not want to purchase this unit. But it is impossible to say without you having the CC&Rs.

As for the repairs, the unit is sold as is. However, if the CC&Rs provide that the association is responsible for exterior repairs, you may be able to convince PNC to pay for those so that the building can be sold. If not, since there is no association, you would need to pay for those out of pocket and should consider that cost in determining the proper price to pay for the unit.

Good luck!
Steinlaw and 7 other Legal Specialists are ready to help you
Customer: replied 6 years ago.

Great job! Thanks for your help.



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