Where a purchaser of a lot in a planned community obtains title to the lot as a result of foreclosure of a first mortgage or first deed of trust, the purchaser is not liable for the assessments against the lot which became due prior to the acquisition of the lot by the purchaser. The unpaid assessments are deemed to be common expenses collectible from all the lot owners, including the purchaser. N.C. Gen. Stat. § 47F-3-116(j).
Written by Bill Cannon, , Uncategorized