Iowa law · Horizontal Property Act (Condominiums)

Iowa Code § 499B.18

Common expenses before foreclosure

Covered in 1 owner guide

What this section does for you

A buyer who takes title through a first-mortgage foreclosure isn't liable for the unit's pre-acquisition assessment debt; the shortfall becomes a common expense of all owners.
Owner guide: Foreclosure & liens in Iowa

The statutory text

Verbatim from the public record. The law itself is a government work — always confirm the current version on the official source before you rely on it.

Where the mortgagee of a first mortgage of record or other purchaser of an apartment obtains title to the apartment as a result of foreclosure of the first mortgage, such acquirer of title, the acquirer’s successors and assigns, shall not be liable for the share of the common expenses or assessments by the council of co-owners chargeable to such apartment which became due prior to the acquisition of title to such apartment by such acquirer. Such unpaid share of common expenses or assessments shall be deemed to be common expenses collectible from all of the apartment owners including such acquirer, the acquirer’s successors and assigns. [C66, 71, 73, 75, 77, 79, 81, §499B.18]