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Disclosures, selling a condo, possible special assesment later in the year?

BayHouse Credit Forum: Real Estate: Disclosures, selling a condo, possible special assesment later in the year?
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Jack Harmon (Harmon)

Wednesday, July 26, 2000 - 11:09 am Click here to edit this post
Can anyone provide information about the legal requirements of disclosing informaiton in this situation? Do you have links to statutes?

Condo owner sells home. Had knowlege of condo board considering special assessment that may double the monthly assessment for five years. High probability of passage. However, still not voted on, or offical.

Is the seller legally obligated to disclose the possiblity of the special assessment occuring? Is a board member held to the same standard as a homeowner who's not on the board, given both people have the same knowlege?

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Michael Bardelli (Bull22)

Saturday, August 05, 2000 - 05:54 am Click here to edit this post
Mr. Harmon,
To answer your question rather simply, I beleive that the phrase "Do unto others as you would have done to you". If you choose not to disclose this information, how would you feel if the assessment passed and the person was to go into foreclosure due to the fact that they could not make the payments due to the assessment increasing? It definately would lay heavily on my conscience. So statues aside, ethics would dictate that you would let the potential buyer know about the possible increase in the assessment. Best of luck.
Mike


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