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Should new owners pay for association repairs prior to purchase?


Question:

A hurricane hit Marco Island in 2016.  After all the different insurance companies paid their share in our condo property, the HOA board realized they are $400,000 short.  I bought the condo in the fall of 2018. There is nothing in the by-laws of the HOA or the sellers sales settlement agreement of a possibility of a future special assessment.  Are new owners responsible to pay a special assessment for old damage (2016) to the property prior to the condo purchase (2018) ?


Answers (14)

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