Jennifer defaults on her condominium unit mortgage in Buffalo. The lender initiates foreclosure proceedings. How does New York law treat the foreclosure of a condominium unit compared to other real property?
Correct Answer
A) The individual unit can be foreclosed separately, and the purchaser takes title subject to ongoing common charges
Under New York law, each condominium unit is separate real property that can be individually foreclosed. The foreclosure purchaser takes title to the unit and becomes responsible for ongoing common charges and assessments, but prior common charges may be subject to the condominium's lien rights.
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In New York, what document creates a condominium and legally establishes the condominium form of ownership?
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Under New York condominium law, a unit owner has various rights and responsibilities. All of the following are typical rights of a New York condominium unit owner EXCEPT: