Quote:
Originally Posted by jaydorn
You should have opportunity to review all condo documents/minutes as purchase condition, either through a review service (should run you $200-$400) that specializes in such things, or just running through them yourself.
I know my realtor puts in ‘document review’ as a sale condition along with the standard property inspection/walk through stuff. He also mentioned he’s had deals fall through because buyers didn’t like what they saw in the documents.
Having said that, with our last complex there was a buyer who bought about 2-3 months before the formal notice was given and they were livid. The board asked her if she’d done a document review, as the possibility of it had been in minute minutes & AGM documentation for at least 12 months prior… they had not done a review as part of their purchase.
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I purchased a condo in Mount pleasant 5 years ago on the conditions the documents checked out, basically after reviewing there was going to be a special assessment within 2 years to fix the same problem as the OP, was going to cost me over 40K, noped the hell out of the deal, best 200$ ever spent for a professional review. Woulda walked myself into financial ruin