I purchased a condo in Westchester County and found out after closing that there are owners in arrears. Was that my lawyer's responsibilty?

Asked by Confused, 10566 Mon Jun 11, 2012

This has increased my monthly charges and has negatively impacted my financial situation. Can the lawyer that handled my purchase be held responsible for not finding out this information prior to closing? Can I take any legal action?

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6
John, Home Buyer, Island Park, NY
Wed Jul 16, 2014
Unless you bought title insurance and got in writting from condo are maint is up to date on the condo you purchased yes you can be held liable for back arrears.

Most prospectus state arrears move with the title. You bought them. Are they a lot of money.
0 votes
Martina Ryan, Agent, Flushing, NY
Mon Oct 1, 2012
Speak to your attorney about it & ask him for an explanation. Try to get him to fix the mess.
0 votes
Patricia "Ti…, Agent, Yorktown Heights, NY
Mon Jun 11, 2012
From what I understand that the Management Company is in arrears, correct? My understanding is that you should speak with a capable attorney, it sounds like to me that the attorney that represented you did not fully do his/her due dilegence. This should of been evident in the Prospectus or the Financial that are reviewed like the title review.

I would definately persue this further. It may not be an easy task, but it may be worth it in the long run.

Best of luck hopefully this is helpful.

Tish Macquignon
Houlihan Lawrence
0 votes
Annette Law…, Agent, Palm Harbor, FL
Mon Jun 11, 2012
Confused,
If I am reading correctly, your question is not about the unit you purchased but the financial situation regarding the condo community at the time of your purchase.

This would have been exposed in the financial statements and minutes of the last few association meetings if you or your attorney had the opportunity to review them. Typically, when financing is involved, the lender will examine the percent in default data in your case you will need to determine local custom or who had the obligation to pursue this evaluation.

Taking legal action against an attorney rarely turns out the way you anticipate. However, two attorneys will be happy at the prospect of such a dance.

Since you are seeking legal advise you would be well advised to consult an attorney with your understanding of paragraph two and seek their clarification. Your attorney will know what the laws of the State of New York establish.

This is one of the real liabilities of purchasing in such communities. Assessments have a way of punishing those who remain behind. Using my condo buyers guide one could have come up with an assessment of the financial health. This however is no guarantee of future developments. I truly hope you got a great deal.

I trust things will work out favorably for you.
0 votes
Jacques Ambr…, Agent, Forest Hills, NY
Mon Jun 11, 2012
It's not readily available information that other owners are in arrears. There may have been something in the financials of the building, but if this ia chronic issue in the building, then your lawyer should have picked this up. I'm assuming that the condo is going to do simething about collecting the back fees so hopefully you will be able to recoup.
0 votes
Christopher…, Agent, Tarrytown, NY
Mon Jun 11, 2012
Hi, typically any monies owed to the condo are collected at closing. Usually the amount owed is made known when the waiver right of first refusal is executed by the condo. I'm not saying your attorney is to blame but typically this is the type of info they would find out when doing their due diligence.

Chris
0 votes
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