If someone dies that owns a condominium what would happen if?

Question

the family was not notified. A friend of mine died that owned a condo. He had no family, so the condo association foreclosed on the property because the dues were not paid. The condo was paid for, with a value of about $400k the dues were about $2k would the family be entitled to the difference in the selling price, or does the association get to keep it all?

I wrote it really fast. Yes he had family, like a cousin in another state. That cousin did not know the finances of this guy, so he didn't do anything. This was a friend of mine, he was really wealthy, having obtained an inheritance from his mother and dad when they died. He owned several properties and such. I found out he died and was in the hospital for like two months before they buried him in a paupers cemetery.

Answer 1

The excess belongs to his estate; ie. his heirs at law. In fact the estate may have a further claim against the association or the subsequent buyer for the difference between the fair value & sale price if they failed to follow the statutory notice requirements for notice prior to the foreclosure. Whoever his heirs are should seek legal counsel asap.

Answer 2

The association would only be entitled to past dues. The ownership of the condo is between the owner and his mortgage company. If it was paid in full and the owner had no family and no will. . .well, if you have a vested interest, I suggest you contact an attorney. Regardless, the property will have to go through probate which can take several months.

Answer 3

The family had better get a lawyer. the condo association should have to give up the difference.

Answer 4

in a foreclosure, any diff between sales price and what is owed belongs to the original owner.

Answer 5

You need a lawyer on this one.

Answer 6

depends

Answer 7

? you said he had no family...