Maryland Mortgage of a Condominium Unit

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US-02393BG
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Description

An agreement that creates an interest in real property as security for an obligation, such as the payment of a note, and that is to cease upon the performance of the obligation, is called a mortgage. The person whose interest in the property is given as security is the mortgagor. The person who receives the security is the mortgagee (lender). Two characteristics of a mortgage are (a) the mortgagee's interest terminates upon the performance of the obligation secured by the mortgage such as payment of the note secured by the mortgage; and (b) the mortgagee has the right to enforce the mortgage by foreclosure if the mortgagor fails to perform the obligation (such as defaulting on the note payments).


A condominium is a combination of co-ownership and individual ownership. Those who own an apartment house or buy a condominium are co-owners of the land and of the halls, lobby, and other common areas, but each apartment in the building is individually owned by its occupant. In some States, the owners of the various units in the condominium have equal voice in the management and share an equal part of the expenses. In other States, control and liability for expenses are shared by a unit owner in the same ratio as the value of the unit bears to the value of the entire condominium project. The bigger condominium owners would have more say-so than the smaller condominium owners.

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FAQ

Altering the types of elements and units for which a council of unit owners is required to maintain certain property insurance and altering certain requirements for the property insurance policy; and requiring owners of detached units to carry homeowners insurance on the entirety of the unit.

Effective October 1, 2023, this new law creates different insurance requirements for different types of condominiums. Some of these changes are highlighted below: For attached (townhouse) or multifamily dwelling units, a condominium association is required to have property insurance covering common elements and units.

Section 11-114 of the Maryland Condominium Act states that the council of unit owners is required to maintain insurance ?[f]or property and casualty losses to the common elements and the units, exclusive of improvements and betterments installed in the units by the unit owners other than the developer.?

Effective October 1, 2023, this new law creates different insurance requirements for different types of condominiums. Some of these changes are highlighted below: For attached (townhouse) or multifamily dwelling units, a condominium association is required to have property insurance covering common elements and units.

Effective Oct. 1, 2023, Maryland HB98/SB403 allows detached condominium units to obtain property insurance coverage as HOAs, with unit owners insuring their individual dwellings and the association insuring common areas.

Bylaws may only be amended by the council of unit owners, but the board may adopt rules to meet special needs of the condominium without the consent of the council. However, the law provides a spe- cific procedure to be followed by the board and any new rule can be rejected by the unit owners.

Section 11-114 of the Maryland Condominium Act states that the council of unit owners is required to maintain insurance ?[f]or property and casualty losses to the common elements and the units, exclusive of improvements and betterments installed in the units by the unit owners other than the developer.?

A condo questionnaire is a form sent to a condo development by a lender when a potential borrower applies for a mortgage. The questionnaire allows the lender to determine if the condo meets its requirements for a loan. If the requirements are met, the lender can in turn consider providing a loan to the condo buyer.

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Maryland Mortgage of a Condominium Unit