Legal Question in Real Estate Law in New York
board disclosure & responsibilities
Are board members liable for not disclosing a major change, one would seriously affect the decision to buy, in a property to a prospective buyer? IE - Claiming roof space as common when represented as exclusive by all parties throughtout sale and interview.
Asked on 3/06/02, 5:08 pm
1 Answer from Attorneys
Timothy Violette
Law Office of Timothy P. Violette
Re: board disclosure & responsibilities
Things have to be really bad before board members are liable. It is up to the buyer to read the prospectus, which always states within it that it cannot be changed orally.
Answered on 3/06/02, 11:18 pm
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