Question:
This question is submitted by Dave G. out of Illinois
Does a condo board breach its fiduciary duty when it obtains a reserve study, then does not disclose that a reserve study was done to the members?
Second, as a result of the nondisclosure, the Seller of the condo did not know about the reserve study and sold their condo to a Buyer.
Could the Buyer sue the condo board where the Seller did not know about the Reserve Study and disclosure of the Reserve Study would have shown grossly understated reserves?
Thoughts?
Answers (5)
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