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Pfarago@part…, Home Buyer in Swampscott, MA

condo association does not disclose financial statements what can i do

Asked by Pfarago@partners.org, Swampscott, MA Sun Apr 10, 2011

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There's another reason to have a lawyer. A lawyer will know what to ask for, how to ask for it, and what it is supposed to look like when it comes. You not only want the financials - to see what their reserves are, projections, receivables from any delinquent units, etc. - but you also want a lawyer, who is exerienced in condo doc reading, to review the docs for correctness and organization. I know of a recent problem with condo docs that an attorney was able to catch before closing. Your real estate professional should be able to give you a few names of experienced, local, real estate, legal specialists.
Web Reference: http://www.capegroup.com
0 votes Thank Flag Link Sun Apr 10, 2011
The association is correct. The only ones that should get financial information is the unit owners. If you are buying a unit then you should thru the owner get the condo documents including bylaws, master deed, unit deed, operating budget and financials to date, to review prior to signing the p&s. Also I would request minutes of the board meetings for the past year, they will show what if any imnprovements are to be made or needed as well as any upcoming special assessements.

Louis Wolfson

Reperesenting Great Boston's Finest Builders and Communities.
Web Reference: http://www.LouisWolfson.net
0 votes Thank Flag Link Sun Apr 10, 2011
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