Condo Loophole in Maryland
By Anthony Longo 16 10 2007
Thanks to the guys at Sellsius – the found a loophold in Maryland that benefits new condo developers.
Maryland condominium developers can take advantage of a little known loophole in the state’s condominium law which allows them to allocate the common elements interest to their advantage.
In most states*, the condominium law requires developers to allocate the percentage interest in the common elements fairly. Fairly usually means the percentage common element interest must bear some relationship to the unit’s square footage, location, views, uniqueness, exclusive use, etc. Since the percentage common element interest determines how much monthly common charges and assessments an owner has to pay, the rationale is the better (more desirable) the unit, the more you pay, compared to your fellow owners. No so in Maryland. Continue reading on Sellsius…
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