Currently have an offer accepted for a condo, which is in a building of 3 units. A structural engineer has visited to give us a report on the soundness of the foundation. It’s on a hillside and has some slope creep. Never repaired before. There is dirt pouring into the slope side bottom floor basement after pipe flooding and was only caught because the drywall and sheetrock were removed.
If the seller has it repaired before closing or if we negotiate a lower price and have the work done after closing, what happens with the condo association's responsibility to maintain the exterior including the foundation, which is written in their bylaws as a common element? Wouldn't the seller have to go through the HOA to get this repaired? Or not if it's related to the burst pipe?
Additionally, if we buy it with the foundation fixed on this condo, what happens if the other two begin having foundation issues? Suddenly, we’re on the hook for their repairs through special assessments? I’d like to know if they have issues, as well, but these are not primary residences and the other owners aren’t in the state. We aren’t the owners so asking for the other connected properties to be inspected sounds like an overreach.
I’ve already tackled financing. Got that covered outside of a traditional mortgage loan. Thanks for taking a look at this and giving me some perspective.