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Does Woodstown NJ condo buyer have any recourse for undisclosed special assessment?


Question:

special-assessmentsI purchased my condo in January 2013. Information provided to me at the time of closing revealed there were no pending special assessments nor were there any problems financially with the community.

A year later, as a newly elected board member, I found out about a planned "cleanup" assessment designed, among other things, to pay for projects completed before I moved in, to fund a sorely needed reserve account and to help pay off the two existing loans for the two assessments for which the seller had paid her share of at closing.

Apparently, the board was "robbing Peter to pay Paul" and did not pay back the loans with all of the funds they received from the community. Instead, the money went to fund other needed repairs and projects as well as the annual budget. I don't suspect anything underhanded here, just poor financial management and communication.

Had any of this information, which was known by the association and the management company at the time of my closing, been disclosed to me, I would have been in a better negotiating position with the seller. Now, I'm on the hook for almost $18,000, much of which the seller would have been responsible for. What recourse, if any, do I have here in NJ? Thanks.


Answers (6)

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