News

Check out market updates

Are Sarasota sellers obligated to disclose assessments that have not been passed by the board ?

1771 Ringling Blvd

Some sellers in Sarasota often believe that a pending special assessment that has not been “formally” passed by their HOA Association or Condominium Board does not have to be disclosed. .  “Pending” is defined as an item on the agenda or reported in the minutes of the Association.  Many times special assessments, especially for significantly expensive items  (windows, roof, painting, seawall, etc.), are discussed  at multiple board meetings even though no formal approval is received.  Sellers are hesitant to disclose these discussions  to prospective buyers because there has been no formal approval.

Sarasota sellers must provide a seller’s disclosure statement to the buyers that requires the disclosure of existing, pending, or proposed special assessments.  The failure to disclose a pending or proposed special assessment upfront may result in giving the buyer an “out” under the contract and possibly the right to recover damages.

Best advise if you are a seller – Disclose ! If you are a buyer get the minutes of the last meetings.  Chances are these up and coming assessments will be mentioned.

 Patrick Doherty 1801 Main St. Sarasota, FL 34236

Helpful tips for sellers

941-993-3160  Call me anytime to discuss real estate in Sarasota

Leave a Reply

Your email address will not be published. Required fields are marked *