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Show Condominium sales rebound following Lien Law repeal Condominium sales are , returning to normal in the Park City area after the Utah Legislature's decision to repeal the so-called Condominium Con-dominium Lien Law. ( The law, which was only in effect about six weeks, was designed to help condominium condomin-ium homeowners associations associa-tions collect unpaid membership member-ship dues. It stated that, in the event of a condominium foreclosure, any liens for unpaid dues would be given top priority behind unpaid taxes. To the chagrin of Utah real-estate agents, the law backfired. Many lending institutions in-stitutions stopped approving mortgages for condominiums condomin-iums shortly after the law went into effect early in May. They were concerned that the law put mortgages in a subordinate position to membership dues. Condominium Condo-minium sales went into a nose-dive. In a June 6 meeting with Park City realtors, the sponsor of the bill, State Senator Kay S. Cornaby, acknowledged that there ; were serious problems with the legislation. However, he said he hoped some compromise compro-mise could be reached to appease the lending institutions institu-tions while keeping some protection J or, the homeowners' home-owners' associations. It didn't happen. When the Utah Legislature met in a special session June 23, it voted to repeal the law. And local banks wasted little time in putting the welcome mat back out for would-be-condominium owners. Marilyn Earle, mortgage officer for Park City's Silver King State Bank, said she had one loan package prepared pre-pared and ready to go when she was notified of the Legislature's action. "I found out about 4 o'clock that afternoon," she said. "The next morning we closed that loan." Earle said that there has not been a flood of applications applica-tions since the repeal, but that it is business as usual. "It just put everything back where it was before," she said. |