The Real Deal Miami

Renting foreclosed units could ease condo burden

March 18, 2009 12:20PM

Condo complexes beset by foreclosure should explore renting out empty units to help community associations cope with budget woes, Sun-Sentinel columnist Daniel Vasquez says. Leigh Katzman, of Katzman Garfinkel Rosenbaum, which represents more than 1,000 associations statewide, cautions that there are many rules and restrictions that make this more difficult, and that circumstances will differ in each case. Boca Raton real estate attorney Steve Rubin said it’s important to note state law does not limit an association’s right to purchase a unit at a foreclosure sale resulting from the association’s foreclosure of its lien, or to take title by deed in lieu of foreclosure.