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