Disclosure required regarding possible assessment from HOA?
Hi fellow investors! Got a question that I'd love input on.
I purchased a condo in Florida in February of this year. It is in a small 8-unit community that consists of three buildings: 2 duplex-style buildings on the left and right, and an L-shaped 4-plex in the middle.
After purchasing, I asked for and received the past 7 years of HOA documents (as this is the right of all property owners according to bylaws). While reviewing them, I learned that both of the duplex units were experiencing foundation issues/sinking floors over the past couple of years. The board members had visited the affected units to see what was going on and this was a known issue. The seller of my unit was one of the board members and was well aware.
Fast forward to now: I recently got a notice from the HOA that a probable special assessment will be coming to each homeowner to pay for the foundation repairs for these units. The HOA had tried unsuccessfully to get insurance to pay for repairs, but insurance has denied the claim.
So my question is whether or not this is something that should have been disclosed legally, or whether it is simply a case of "buyer beware" and now it's my problem to deal with $$$$$$$$$$.
Anyone have insight? My husband thinks I need to consult an attorney which, of course, is also a good idea and I am considering but I thought I'd touch base here beforehand to find out if the "hive mind" has any collective words of wisdom or experience that would apply.
Thanks!