Condo Media - May 2018 - 49
existing in the statute for an association's failure to timely and accurately
provide a resale certificate, further
monetary penalties are not necessary.
Further, the $125 limitation will, in
some instances, adversely affect the
association's ability to accurately
answer the 12 or so questions typically
found on the resale certificate, not to
mention detailed summaries required
for litigation and any outstanding
claims or issues which could affect the
association's bottom line.
This bill has been held for further
study.
2018 H7740 FORECLOSURE
OF CONDOMINIUM LIEN
This bill, which is the same presented
to the R.I. legislature during each of
the last three annual sessions, seeks
to consolidate the newspaper notice
requirements of a condominium foreclosure sale (which the committee will
continue to support) and grants a unit
owner a 30-day right of redemption
post foreclosure, which the RILAC
does not support. As grounds for the
RILAC's objection, the committee
believes that by the time of the lien
foreclosure auction, the unit owner
has been given an estimated three
formal opportunities to resolve the
delinquency with the association or
his or her lender to cover the assessments, not to mention the countless
other informal opportunities that are
given them. Giving a unit owner one
more chance to stall the process is
neither productive nor necessary, and
may harm the association in the event
a unit owner files bankruptcy during
any redemption period. Accordingly,
the committee will again object to this
particular portion of the bill. As of this
writing, the bill has been referred to
the House Judiciary Committee.
The RILAC continues to monitor
the state legislation for any proposed
bills that may affect condominium associations in Rhode Island.
n FRANK A. LOMBARDI, ESQ., CCAL,
IS A PRINCIPAL WITH THE LAW FIRM OF
GOODMAN, SHAPIRO, LOMBARDI, LLC
WE'LL
RESTORE
YOUR FACADE
(and every other element of your
condominium's exterior envelope)
STATEWIDE RM
A preferred general contractor & restoration specialist since 1996
Kieran Fitzgibbon, President
617-686-3302 | kfitzgibbon@statewiderm.com | statewiderm.com
May 2018
49
http://www.nsins.com
http://www.nsins.com
Condo Media - May 2018
Table of Contents for the Digital Edition of Condo Media - May 2018
Contents
Condo Media - May 2018 - Cover1
Condo Media - May 2018 - Cover2
Condo Media - May 2018 - Contents
Condo Media - May 2018 - 2
Condo Media - May 2018 - 3
Condo Media - May 2018 - 4
Condo Media - May 2018 - 5
Condo Media - May 2018 - 6
Condo Media - May 2018 - 7
Condo Media - May 2018 - 8
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Condo Media - May 2018 - Cover3
Condo Media - May 2018 - Cover4
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