[§667-100] Conveyance of property on payment of purchase price; distribution of sale proceeds. (a) After the purchaser completes the purchase by paying the full purchase price and the costs for the purchase, the unit shall be conveyed to the purchaser by a conveyance document. The conveyance document shall be in a recordable form and shall be signed by the association in the association's name. The unit owner shall not be required to sign the conveyance document.
(b) From the sale proceeds, after paying in the following order:
(1) The association's attorney's fees and costs;
(2) The fees and costs of the power of sale foreclosure;
(3) The moneys owed to the association; and
(4) All other liens and encumbrances in the order of priority as a matter of law,
the balance of the sale proceeds shall be distributed by the association to junior creditors having valid liens on the unit in the order of their priority and not pro rata. Any remaining surplus after payment in full of all valid lien creditors shall be distributed to the unit owner.
(c) Lien creditors prior to the association shall not be forced to their right of recovery. However, the association and any prior lien creditor may agree in writing that the proceeds from the sale will be distributed by the association to the prior lien creditor towards the payment of moneys owed to the prior lien creditor before any moneys are paid to the association. [L 2012, c 182, pt of §3(2)]
Section: Previous 667-92 667-93 667-94 667-95 667-96 667-97 667-98 667-99 667-100 667-101 667-102 667-103 667-104 NextLast modified: October 27, 2016