Condo Q&A

Condo unit seller discloses pending association lawsuit to buyer

Written by stephen polinsky | Tue, Aug 26, 2014 @ 09:53 AM

I recently purchased a condo in Florida and the seller disclosed a pending lawsuit. I requested all information/documentation concerning the lawsuit and was told by his real estate agent the lawsuit was finalized and there was a $300 assessment that he would pay. After I closed I learned at the first HOA meeting the judgment was for $600,000 and each owner may be assessed $6,000, but the BOD decided to file bankruptcy and appeal the decision. Also, I was not made aware of a MOA or MOA dues but found out at the meeting MOA dues were suspended/stopped during the lawsuit but BOD are discussing reinstating them at $200 per month. Should I seek legal action against seller, seller's real estate agent, or my real estate agent?