Condo Q&A

Should new owners pay for association repairs prior to purchase?

Written by CondoAssociation.com | Thu, Feb 4, 2021 @ 01:29 PM

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) ?