FHA and the GSEs have completely different rules for the sale of a condominium versus a stand-alone single-household residence. The undivided curiosity in the property owned in common which shall appertain to every proprietor shall be the proportion of undivided curiosity previously owned by such proprietor within the widespread components. This situation is simply used in the occasion that the condominium software may on registration lead to two or more legal entities and it’s satisfied by offering a draft declaration to the Planner that accommodates wording in the condition.
Each mortgage and different lien, together with mechanics liens, securing a … Read More...