Legal FAQ's
Foreclosure
Q: I represent a bank that acquired title to a residential condominium unit through foreclosure procedures. They say they’re not required to comply with the disclosure required pursuant to Section 718.503(2) since the bank isn't a traditional seller, even though this is a resale. Is this true?
A: No. Section 718.503(2) provides that "each unit owner who is not a developer … shall comply with the provisions of this subsection prior to the sale of his or her unit." A "unit owner" is defined in Section 718.103 as a "record owner of legal title to a condominium parcel." There is no exemption set forth in the condominium act for banks that acquire title to residential units via foreclosure.
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