I recently found a buyer for a condo I am selling, and it is now in contract. Then, I received a notice that there will be an increase in the condo fee in the near future.
Legally speaking, am I obligated to disclose this projected increase in condo fees, or is it for them to find out?
2006-09-14 02:57:34 · 5 answers · asked by nondescript 2 in Business & Finance ➔ Renting & Real Estate
Yes, you should disclose... if they find out (and they may have already if they do their research), they may not trust that you've been entirely honest - is it a deal breaker? probably not, but honestly is always best.
2006-09-14 03:04:09 · answer #1 · answered by tampico 6 · 0⤊ 0⤋
I would think if the condo is under contract, you would be obligated to reveal any information relevant to the property. Property tax changes, zoning laws and condo fees.
Under contract does not mean the property is sold. You are representing the property, and all relevant information. It's likely the buyer would be required to pay the increased fee from the beginning, not the projected date for other tenants.
It couldn't have been easy to find a buyer. Don't risk this deal falling through....
2006-09-14 03:17:06 · answer #2 · answered by Anonymous · 0⤊ 0⤋
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2016-12-12 08:16:51 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes
Matt
http://www.diversifiedlender.com/
2006-09-14 08:04:34 · answer #4 · answered by Matt J 3 · 0⤊ 0⤋
Disclose, disclose, disclose.
2006-09-14 09:16:54 · answer #5 · answered by Karen R 3 · 0⤊ 0⤋