Reply to Disclosure for condo

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[quote=Anonymous][quote=Anonymous][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. [b]These things don't just miraculously appear out of thin air.[/b]

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]

I agree completely.  If the building is at the point where they've already figured out special assessments, it means they've known about the issue for awhile, already discussed it, already received quotes from various contractors, voted on it, and determined the special assessment.  My bet is that they've known for a year, and it's probably the reason why they sold.  [/quote]

Update.  I went back to the letter that was sent to the seller two days after we ratified our contract.  The seller was told by the hoa that there are issues but that it's up to the owner whether to disclose.  The hoa said their lawyer determined that this information wouldn't be provided in the condo documents provider to potential buyers.  At this point the seller didn't know there would definitely be an assessment but that there may be an assessment and that there are issues with the building.  He knew this before closing.  [/quote]

Lawyer up. Any special assessment that was decided on by the condo board should have been in the condo disclosures that you received.[/quote]

But there is a distinction.  They letter to the owners said there MAY be a special assessment as a result of the issue.  And that the owner can choose whether to disclose this to a buyer.  The letter did not say for certain there would be an assessment.  Regardless, we are upset we weren't informed of this issue and it is probably why the previous owner sold. [/quote]

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