Property Ownership
Under Connecticut condominium law, when can a condominium association foreclose on a unit for unpaid common charges?
AOnly after the owner has not paid for 2 years
BAfter the association has properly filed and perfected its lien for unpaid charges and followed the statutory foreclosure process✓ Correct
CImmediately upon one missed payment
DOnly after obtaining court approval for each individual unit
Explanation
Connecticut's Common Interest Ownership Act (CIOA) provides condominium associations with lien rights for unpaid common charges. After perfecting the lien, the association may foreclose following the judicial foreclosure process.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Tenancy in CommonCo-ownership where two or more people hold undivided interests that need not be equal and pass to each owner's heirs — no right of survivorship.
Discount PointsPrepaid interest paid to a lender at closing to reduce the mortgage interest rate, with each point equal to 1% of the loan amount.
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