Maryland Condominium Owners Need to be Mindful of Common Element Warranty Requirements
If you have decided that the condominium lifestyle is for you, and have purchased a sparkling new unit in a recently constructed complex, you probably take comfort in the fact that Maryland law provides for a three-year warranty on major components of the common elements. However, you may not be aware that when you purchased your unit, the three-year warranty was probably already running, and, in fact, may even have expired. That is because the common element warranty, does not begin to run when you settle on your unit, but, instead, commences when the first unit sold in the complex settles. As a result, where the size of the condominium or the slowness of the market results in the project taking a period of years before all units are sold, it is possible that many purchasers may take title when the three year common element warranty has nearly, if not already, expired.
