June 29, 2010
Like the FHA, the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) have specific requirements when providing financing for condominium sales or refinancing. Fannie Mae involves the FHA, because it was established for the purpose of purchasing FHA loans from loan originators to provide liquidity for government-insured loans. [...]
May 25, 2010
Like all housing, the sales of condominiums have been significantly impacted by the state of the housing market. Also effecting sales are new rules and regulations applicable to government backed loans, as well as those adopted by conventional lenders. In particular, new requirements for FHA financing directly concern condominium sales. As of February 1, 2010, [...]
April 30, 2010
The Maryland General Assembly passed House Bill 620, which, if signed into law by the Governor, will take effect on October 1, 2010. The newly enacted law will expand common element and common area warranty protections in condominiums and homeowners associations beyond the period of a developer’s control. It extends the implied condominium common [...]
March 4, 2010
The current session of the Maryland General Assembly is considering new legislation that would expand common element and common area warranty protections in future condominiums and homeowners associations. House Bill 620 proposes to expand the application of both the three-year condominium common element warranty, and the one-year homeowners association common area warranty, for projects created [...]
March 4, 2010
Legislation has been proposed in the current session of the Maryland General Assembly that would provide some relief to condominiums and homeowners associations in the event of a foreclosure. House Bill 842, known as the Residential Association Sustainability Act of 2010, provides that a specified portion of a lien on a condominium unit or lot [...]
January 5, 2010
The effects of the recession on real estate values, and the resulting wave of foreclosures throughout the country, has had a direct and immediate impact on the ability of many condominium councils to collect the assessments necessary to properly operate and maintain their communities. Unit owners who are unable to keep up with their mortgage [...]
October 30, 2009
A would be condominium buyer has inquired about having heard that it is possible to buy a condominium unit without having the benefit of the three-year common element warranty, because it has already expired at the time of purchase. What that purchaser heard is absolutely correct. Maryland’s three-year statutory warranty on certain components of [...]
September 17, 2009
During 2005, in Maryland’s venerable Eastern Shore seaport town of Crisfield, an ambitious redevelopment project commenced at the City Dock. The Captain’s Galley is a luxury condominium complex consisting of a six-story building with 23 residential units, a heated pool, fitness center, boat slips, and a rooftop restaurant. One notable component of the project specifications [...]
August 19, 2009
If you have bought a new home in Maryland during the last several years, including a new condominium, your purchase likely included what are commonly referred to as “ten-year warranty” policies.” But a careful reading of the typical provisions of many of these policies reveals that the suggested coverage benefits are nearly non-existent. In [...]
August 7, 2009
The law governing condominium insurance requirements, which changed in 2008 as a result of a court decision, has changed again as result of amendments to the Maryland Condominium Act effective June 1, 2009. During the last legislative session, the Maryland General Assembly took action on the issue in direct response to a 2008 Court [...]
Marylandcondolaw.com is written by Raymond D. Burke, a principal in Ober|Kaler’s Construction Group. One of the region's top construction and real estate development lawyers, Ray has more than 25 years of experience in matters relating to condominium and other multi-use development matters.