Question about condo board

Started by sprax1
almost 13 years ago
Posts: 3
Member since: Aug 2007
Discussion about
Any suggestions on how to force the condo board for audited financial statements? My sale of my condo has fallen through b/c the board could not supply audited 2005 financials to the prospective buyer (and his attorney). Also, any suggestions on what legal recourse I may have towards the Board based on this?
Response by a2deuce
almost 13 years ago
Posts: 115
Member since: Apr 2007

same thing happened to me. I am now in contract for 35k less...

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Response by NotAnonymous
almost 13 years ago
Posts: 94
Member since: Jun 2007

You should receive yearly financials that are certified by an accountant. Usually the managing agent handles this so you should ask them if this was done. If you indeed find out that you did not receive your 2005 financials you need to ask why you and everyone else did not complain in 2006.

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Response by sprax1
almost 13 years ago
Posts: 3
Member since: Aug 2007

The managing agent is blaming the condo board for no supplying on time financials. It seems as if each party is pointing fingers at the other, so I dont know where to turn to get some resolution. Is the managing agent ultimately responsible for makeing sure we have certified financials? Isnt that their job?

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Response by brokerbabe
almost 13 years ago
Posts: 6
Member since: Aug 2007

I could understand a (co-op/condo) board being unable to provide 2006 financials (although these are usually done by July), but 2005? My best guess is that the managing agent would provide the financials if they were available. Perhaps a quibble between the accountant and the board? Who knows.

You are the owner? Why not call the president of the board? He/she should advocate for you as a seller, assuming the board is not objecting to your buyer. This issue will re-surface when you find another buyer. Questions need to be answered. Ask to attend the next board meeting so you may ascertain why this important issue has not been addressed. How about other sellers in your bldg.? How have they dealt with this?

IMHO (as a co-op shareholder) a board should keep the best interest of an owner/shareholder
as a priority.

As to legal recourse, it costs time, money and peace of mind.

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