Legal Question in Real Estate Law in Illinois
Foundation Concerns/Sale of a property
I am the president of a condominium association. We recently found out our building has potential foudation/settling issues yet it is not confirmed. With the bad economy, one of the owners is selling his unit on a short sale and moving out of the country. We are unsure whether or not he is disclosing the foundation concerns to the new buyer.
My questions is: would the condo association be liable for the lack of disclosure if the unit is sold and the new buyer is not aware of the foundation concerns and the problems turns out to be a costly expense?
1 Answer from Attorneys
Re: Foundation Concerns/Sale of a property
Isn't the foundation of the condominium a Common Element under the terms of the Declaration of Condominium Ownership? Usually, an owner of a condo unit owns from "paint to paint" of interior walls, and everything else is owned by the Association. If that is true, then the Association would have to disclose the possible foundation problem in the 22.1 disclosures. Do you need an attorney?
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