Submitted by kabslp on Fri, 06/25/2010 - 12:21
Posted in
I am a part of a 6 unit condo association. We are needing to do costly repairs to common areas. If we take out a loan on behalf of the condo association and increase our condo fees via appropriate percentages to pay off the loan, if anyone sells their unit, is the balance remaining (of their portion) something the owner is responsible for paying off at closing or is it a condo association debt that the new owner would be responsible for taking over?
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