Legal Question in Real Estate Law in Maryland

I purchased property in a condo unit (Tribeca of Camp Springs, Md) in 2009. I was just informed that the owner (Wood Partner) has defaulted on the mortgage and the property has been acquired by Tonti Properties, who is converting the remaining unowned units 186 out of 292 to rental units. I also just learned that Lenders will not refinance nor grant original loans on a mixed-use property. Therefore, I would like to know what rights, if any, do I have, since clearly the property value will immediately and drastically depreciate as a result of the conversion to rentals.


Asked on 11/19/10, 12:04 pm

1 Answer from Attorneys
Phillip M. Cook Cook Legal Services, LLC

This is a question that involves a much more complex answer than can be given through this forum. I STRONGLY recommend that you consult with a Maryland real estate attorney to discuss and review the specifics of your case. He will want to review your condominium declaration (if any), your condo association rules and regulations, your condo closing documents, etc, before he can advise you of your rights.

It is not necessarily 100% true that a lender will not re-finance nor grant original loans on a mixed-use property, but it is true that it becomes much more difficult.

Best of luck.*****The above is for informational purposes only and does not create an attorney-client privilege.******

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Answered on 11/27/10, 4:13 am


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