Massachusetts General Laws ch. 183A sec. 22 – Foreclosure of condominium development; liability of lender and developer
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Section 22. In the event of a foreclosure upon a condominium development, the lender taking over the project shall succeed to any obligations the developer has with the unit owners and to the tenants, except that the developers shall remain liable for any misrepresentation already made and for warranties on work done prior to the transfer.
Terms Used In Massachusetts General Laws ch. 183A sec. 22
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC