Board Common Fees Condominium Financial Neighbor Issues Selling

Condo Lawsuit Revelation Shouldn’t Cause Issue for Selling Owner

J.P. from New York writes:

Dear Mister Condo,

I am planning to sell my condo soon. One of my fellow owners is deeply behind on HOA fees. There’s a law suit pending. I’m told this could hold up my selling. I’m in Brooklyn. Any help would be greatly appreciated!

Mister Condo replies:

J.P., I am sorry that your association is dealing with a delinquent unit owner. While lawsuits against the association might cause a potential buyer for your unit to shy away from the deal, a lawsuit initiated by the association against a delinquent unit owner should not. The association’s only risk here is that the unit owner doesn’t pay in timely fashion. The association’s risk is relatively low, seeing as they have a lien against the unit owner in arrears. It is a requirement that lawsuits that the association is involved in must be disclosed to a potential buyer, I don’t see where this suit should make them change their mind about purchasing your unit. This type of lawsuit is quite common and almost always won by the association. Good luck!

Leave a Reply

Your email address will not be published. Required fields are marked *