HB5760 Summary

• Mortgagees who acquire condominium units through judicial foreclosure, deed in lieu of foreclosure, or court order must pay unpaid common expenses, late charges, and attorney's fees that accrued before they obtained title, and continue paying such expenses until they sell the unit.

• Purchasers at judicial foreclosure sales (other than mortgagees) and persons who purchase foreclosed units from mortgagees have no obligation to pay unpaid common expenses, late charges, or attorney's fees that accrued before they acquired title.

• Removes provisions requiring purchasers at foreclosure sales to pay common expenses from the first day of the month following the sale or deed delivery, and eliminates the 6-month lookback period for assessing common expenses against foreclosure purchasers.

• Requires notices of foreclosure sale under the Code of Civil Procedure to disclose the assessments, late charges, and legal fees that must be paid by the mortgagee under the modified lien provisions.