Reply to Disclosure for condo

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Does anyone know the legal requirements for disclosures?  Specifically, what happens if the seller finds out about something major between signing the contract and disclosure form and closing on the sale?   Turns out a seller was provided an update by the condo board after we ratified the contract.  However, we didn't find out about this update until after closing.  It's an update that's going to cost a significant amount of money on our end.  Any advice is appreciated.  [/quote]

The condo board should have sent you a condo questionnaire.  Most banks require this.  If they sent you a questionnaire which didn't reflect the update you are talking about and the update happened before they sent you the questionnaire, then it seems like they were hiding it from you.  If the update happened after you were sent the questionnaire, then I don't think there is much you can do.  Either way, the only thing you could do would be to sue, and that's expensive and likely not worth your time or the legal fees.

[b]What exactly was the update?[/b][/quote]

NP here:
An assessment, duh. Sounds like the seller had some inside information. These things don't just miraculously appear out of thin air.

What does the contract say, OP? Is there any wiggle room to get out of the deal? How much money are we talking about? 10K or 50K? [/quote]

Is in the tens of thousands.  We already Purchased the condo.

Here's what happened.   We ratified the contract on a Monday.  On a Wednesday the seller was notified of actions the board would take regarding structural problems.  No one told us.  Then we closed four weeks later.  Now we have an assessment for problems the seller was informed of prior to closing but did not tell us.  [/quote]

OP  Did you finance the purchase of the condo? If so, your lender should have requested a condo letter from the condo association.  If the letter went to the seller a few days after you ratified the contract, your lender probably had not requested the condo letter yet.  Ask your loan officer for a copy of the condo disclosure letter.  If the information is in the letter, your lender should have disclosed that to you because it would affect your ability to repay the loan.  If the information is not in the letter sent to the lender and it was after the date the seller learned about the assessment, the condo management company or whoever prepared the document could have a liaiblity for not providing the information when it was known.  [/quote]

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