Condo Dumping
Started by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
Discussion about
Does anyone have any impressions if condo owners in a building are in a frenzy to sell? I know of a building where several units have been sold in the last few months. The owners say nothing other than they have other plans. How do you get a seller or the seller's broker to be forthcoming with as much informationa s possible prior to signing a contract. For example, is there a pending assessment, known issues with the building, violations from teh city, pending lawsuits against the condo board, etc. How do you make sure these are all in the contract prior to signing> If something is missed an information is withheld, what can a buyer do once in contract?
Your lawyer is supposed to find out if there is anything wrong with the building before the closing. What condo building are you referring to?
if u want firsthand info. before putting in an offer, just tip the doorman. they know everything and everything about what goes on with the building.
afterwards, it is for the lawyer as part of their due diligence to research into this info. i would also draw up a list of callouts to the laywer just in case.
it is unusual for so many units to be selling in the one building if it's not brand new dev, and if more are coming up. u should also look into whether the tax abatement is up for this building.