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2015 SESSION
HB 2080 Condominium Act and Property Owners' Association Act; notice of sale under deed of trust.
Introduced by: James A. "Jay" Leftwich | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Condominium Act and Property Owners' Association Act; notice of sale under deed of trust. Clarifies that the required notice of a sale under a deed of trust applies to individual residential lots located in a development subject to the Property Owners' Association Act. The bill also provides that upon receipt of such notice, the governing body of a unit owners' association or of a property owners' association, on behalf of the association, shall exercise whatever due diligence it deems necessary with respect to the unit or lot subject to such sale to protect the interests of the association. In addition, the bill (i) amends the definition of unit owner in the Condominium Act to include any purchaser of a condominium unit at a foreclosure sale, regardless of whether the deed is recorded in the land records where the unit is located, and (ii) adds a definition of lot owner in the Property Owners' Association Act. This bill is identical to SB 1157.
SUMMARY AS INTRODUCED:
Condominium Act and Property Owners' Association Act; notice of sale under deed of trust. Clarifies that the required notice of a sale under a deed of trust applies to individual residential lots located in a development subject to the Property Owners' Association Act. The bill also provides that upon receipt of such notice, the governing body of a unit owners' association or of a property owners' association, on behalf of the association, shall exercise whatever due diligence it deems necessary with respect to the unit or lot subject to such sale to protect the interests of the association.