The property managers, current owners and board of a local condominium association in Cape May County NJ just found out a unit in the building was recently sold at a sheriffs sale. The former owner owes money to the association. Is the new owner responsible for the monies owed and/or what is the procedure for trying to collect the monies owed (from the proceeds of the sale)? Please be as detailed as possible. We tried searching the web for info with little luck. We confirmed the sale on the local website Sheriff's Sale. we searched all the FAQs but it seems like most of the information is for owner's or tenants who are being foreclosed upon and their rights rather than the rights of those who are owed money to collect. The condo association as a whole is financially stable. Of course we could call a real estate attorney but then that cost might exceed the actual amount owed (less than $1000). We are trying to arm ourselves with any and all info pertaining to this. I am sure many associations are in a similar boat. Any information would be greatly appreciated! Thanks!
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