What to do when condo association has no reserves?
Question:
If a condo association has no reserve fund (and this is voted as such at the annual meeting and duly recorded in the minutes) and a condo unit goes up for sale (units are 40 years old), does the seller have any obligation to disclose that no reserve fund exists or is the responsibility entirely on the buyer to ask?
If no reserves exist and a large capital repair is looming under discussion but there is not yet any formal assessment, does the seller have any obligation to disclose?
If a resolution for assessment including the assessment amount has been distributed to owners for a vote, does the seller have any obligation to disclose?
Answers (10)
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