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Originally Posted by Realtor 1
Condos - they had concerns with a downtown condo that had great financials and the building had plans to update much of the building. Insurers were concerned about potential future special assessments and also didnt like that windows and doors were the owners responsibility. My condo document review specialist has her office in the building...I think she has a pretty good grip on whats going on. One insurer was willing to lend however I felt it was best for the client to walk for re sale purposes.
The other was a building which had a SA a couple years ago to repair the parking garage. All repairs are done and fully paid for and the board is now trying to go after those who initially made the mistake. CMHC hears the word lawsuit and they get paranoid despite the fact it was not against the board.
It can be frustrating when you have proof that there is no concern and they don't bother reviewing the situation until enough people have brought it to their attention.
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Yeah. Condos can be a nightmare.
Thanks for the info