Buying Condominium Financial

How Can I Buy a Deceased Owner’s Condo?

J.S. from outside of Connecticut writes:

Dear Mister Condo,

How can I buy a deceased owner’s condo?

Mister Condo replies:

J.S., deceased owners have their property disposed of according to either their will or the probate system. You would buy this property pretty much the way you would buy any other property. The challenge may be in determining exactly who the owner of the property is. If there was a mortgage on the property, the bank holding the mortgage may be the eventual owner. If there was no mortgage and the property were left to a family member via will or probate, the new owner will eventually be known through property records and you could contact the new owner to express your interest in purchasing the unit. If there were any other lien holders on the property (the association, for instance if there were unpaid assessments or common fees) the unit could end up in their hands. Again, you would contact them and let them know of your interest in purchasing the property. It is quite possible that any of these entities will simply use a real estate agent to sell the property. If you see the “for sale” sign go up, you know what to do. Good luck!

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