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Home Discussion Legal Questions Questions Answered By Lawyers What are my options if Special Assessment letter issued just a few days prior to closing date of sale and I was not made aware of the situation

What are my options if Special Assessment letter issued just a few days prior to closing date of sale and I was not made aware of the situation

I just  bought a condo in Toronto and this is my first home purchase.  My lawyer reviewed the Condos status certificate and all seemed to be in order.  I was advised by my lawyer that the condo association was in good financial standing.  I had a 90 day closing date and I believe that the condo status certificate was reviewed within 10 days of my offer being made and accepted by the previous owner.

Two days after I moved in I found out that all of the owners had received a letter advising that a special assessement was being issued. 

The special assessment for my unit is $10,000+. The previous owner was sent the letter 7 days prior to my closing date.  Because I was not officially an owner I was not privy to this information. 

 I had been told two months prior to the closing date that the association was in good financial standing . At the time I made my offer on the condo my Real Estate agent had asked the Property Manager if there were any major renovations planned for the bldg and she was told there were none.  

Now I feel that my lawyer did not explain to me the term "special assessment", I don't think I would have proceeded with the purchase had I known exactly what this meant.

Not sure if the previous owner should havebeen obligated to make this information available prior to the final closing date and if I could have renegotiated the price or even backed out of the contract.

 

Authors: ratealawyer.com

Read more http://legal.advicescene.com/ca/question/1003475

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