Buyers and Sellers Beware: An article authored by Bruce McGlauflin was recently published in the April issue of Condo Media, the official publication of the New England Chapter of Community Associations Institute. The article, entitled Buyers and Sellers Beware, reviews the disclosure obligations of sellers and condominium associations in connection with the sale of a condominium. In particular, the article highlights problems that can arise from common misconceptions about the disclosure obligations with respect to common area property. Many condominium sellers do not realize that they have an obligation to disclose known defects in the common areas; many buyers do not realize that they should inspect or at least inquire about the condition of the common areas; and both buyers and sellers often do not realize that the Association has no affirmative duty to disclose defects to buyers, except in a very limited and indirect manner through the resale certificate. You can read the full text of the article by following this link.
