HB3057 Summary

• Amends the Condominium Property Act to expand the common expenses liability of foreclosure purchasers to include unpaid assessments accrued during the 6-month period following institution of a collection action and continuing until the purchaser takes possession or acquires title.

• Clarifies that non-mortgagee purchasers at judicial foreclosure sales must pay proportionate common expenses that would have been due absent assessment acceleration during two specific periods: the 6 months before the action and the period from 6 months after institution until possession/title acquisition.

• Applies the same expanded liability provisions to purchasers of common interest community units at judicial foreclosure sales under similar timeframes.

• Requires notice of sale documents to inform purchasers that they must pay assessments and legal fees required by these provisions.

• Updates disclosure requirements for assessment statements and prospective purchaser disclosures to include information about assessments and legal fees owed under the expanded foreclosure liability rules.