disclosure

What is the name of your state? MA

I am in the process of selling a condominium. I signed my p&s on June 30 for a closing of July 30. I recieved a packet of info from the condo assoc regarding assessments planned for the next 3 years to repair leaks/problems in the other building. The packet lists amounts for July 2003 and March 2004. I informed the buyers that there was an assessment due in March and took the amount off of the purchase price all the while planning to pay the July myself prior to closing. Year 2 and Year 3 had total amounts of estimates for repairs but no specific assessment or date due. The buyers did put a clause in the p&s whereby i would need to notify them of any assessment pending or contemplated. My question is not whether they can sue me when/if these assessments come due but for how much can they sue? Only the amount of the assessment? I am asking as I believe they will back out of the deal if I tell them about it but we are only talking about approx $4000 over a 2 year period per owner if the assessment should actually be levied. It does appear that the assessments originally mentioned for July 2003 and March 2004 are being voted down by the unit owners but i won't know for sure until July 15.

[HomeGuru]

Originally posted by jjfr28
What is the name of your state? MA

I am in the process of selling a condominium. I signed my p&s on June 30 for a closing of July 30. I recieved a packet of info from the condo assoc regarding assessments planned for the next 3 years to repair leaks/problems in the other building. The packet lists amounts for July 2003 and March 2004. I informed the buyers that there was an assessment due in March and took the amount off of the purchase price all the while planning to pay the July myself prior to closing. Year 2 and Year 3 had total amounts of estimates for repairs but no specific assessment or date due. The buyers did put a clause in the p&s whereby i would need to notify them of any assessment pending or contemplated. My question is not whether they can sue me when/if these assessments come due but for how much can they sue? Only the amount of the assessment? I am asking as I believe they will back out of the deal if I tell them about it but we are only talking about approx $4000 over a 2 year period per owner if the assessment should actually be levied. It does appear that the assessments originally mentioned for July 2003 and March 2004 are being voted down by the unit owners but i won't know for sure until July 15.

**A: you are required to give the Buyer's a copy of the packet of info that details the assessments.

my question is what is my liability should i keep this information from the buyers. Their damages would only be the amount of the assessment if there should be an asssessment(s), correct?

[HomeGuru]

Originally posted by jjfr28
my question is what is my liability should i keep this information from the buyers. Their damages would only be the amount of the assessment if there should be an asssessment(s), correct?

**A: no.