Legal Question in Real Estate Law in Washington

How condo assoc bankruptcy affects homeowner

I recently learned that my condo assoc is on the verge of bankruptcy. I'm concerned about how this will affect me. Am I at risk of losing my home? Since I still have a mortgage, would I risk losing the condo and still having to pay a mortgage? Can you think of anything other questions I should be asking?


Asked on 3/25/04, 1:27 pm

1 Answer from Attorneys
Matthew King Wershow & Ritter, Inc. P.S.

Re: How condo assoc bankruptcy affects homeowner

The answer depends on how old the condo is. If the condos were built after July 1990, they are governed by the Washington Condo Act (RCW 64.34 et seq), If, however, they are older (and have not adopted the WCA) they are governed by the Horizontal Property Regime Act (RCW 64.32 et seq). I recommend you review these statutes. Also note that the association's bankruptcy may impact your ability to sell your unit. Feel free to contact me if you have further questions.

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Answered on 3/25/04, 4:44 pm


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