The Condo Bible on Personal Liability for Condo Loans

February 2016

Loans by condominium corporations create a common financial liability. … When some owners are unable to regularly contribute their pro-rated share to service the common loan, more pressure is put on other, non-defaulting unit owners… If the pro-rated share is not paid on time by the unit owner, the corporation may place a lien on the unit, leading to an automatic default under the mortgage.”

The Condo Bible delves into aspects of condo living that most people do not consider.

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