Category Archives: Individual Unit Owners

Fannie Mae and Freddie Mac Financing

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. [...]

Written By rburke Comments (0) Categories: Councils of Unit Owners, Individual Unit Owners, Residential Condominiums

New FHA Regulations Effect Condominium Unit Sales and Financing

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, [...]

Written By rburke Comments (3) Categories: Councils of Unit Owners, Individual Unit Owners, Residential Condominiums

The Nuances and Subtleties of the Three-Year Common Element Warranty

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 [...]

Written By rburke Comments (1) Categories: Individual Unit Owners, Statutes, Warranties

Those So-Called “10-Year” Warranty Policies Are Not Always What They Seem

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 [...]

Written By rburke Comments (1) Categories: Individual Unit Owners, Residential Condominiums, Statutes

Preserving Your Asset

July 27, 2009
Written By rburke Comments (8) Categories: Beach Property Issues, Building Consultants, Councils of Unit Owners, Individual Unit Owners, Residential Condominiums, Warranties

Maryland Condominium Owners Need to be Mindful of Common Element Warranty Requirements

June 19, 2009

If you have decided that the condominium lifestyle is for you, and have purchased a sparkling new unit in a recently constructed complex, you probably take comfort in the fact that Maryland law provides for a three-year warranty on major components of the common elements. However, you may not be aware that when you purchased [...]

Written By rburke Comments (0) Categories: Councils of Unit Owners, Individual Unit Owners, Residential Condominiums, Warranties

Condominium Building Maintenance Issues

June 19, 2009

An important consideration of nearly all purchasers of residential condominium units is the fact that a condominium provides the advantages of home ownership without the time-consuming and laborious tasks that are an expected part of maintaining a house and property. After all, exterior maintenance is taken care of by the association. But that [...]

Written By rburke Comments (3) Categories: Individual Unit Owners, Residential Condominiums Tags: