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Condo Trouble -- When the Board Takes the Building Hostage
This could have been an easy and sweet success story from beginning to end.  After he had been looking for different things in different neighborhoods, my buyer finally walked into the place that had it all: the right kind of building, the right floor plan, the right types of amenities, a convenient urban location in walking distance to his downtown power office.
The price was quickly agreed upon, the rest of the conditions as well.
A review of the condo doc revealed that the board of the 3-year-old, 97-unit building was taking the builder to court for some counts of sloppy craftsmanship or failure to fulfill warranty repairs.
We took an inspector with construction background to check out the list of alleged problems and violations. He explained that none of it was unusual or grounds for serious concern. So we weren’t worried, especially when we learned that the associated special assessment (most likely for legal fees and reserves) would be paid in full by the sellers.
The loan had been pre-approved, the appraisal came in fine. All contingencies could be removed.
Then, a few weeks later, totally out of the blue, a call from the upset listing agent.  Another unit in ... more

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