Without having a provision in the contract making the purchase contingent on the purchaser's approval of the association Bylaws and financial information, there is no legal means to cancel the contract on this basis. If you do not get approved for your loan due to the HOA delinquency percentages you would be able to cancel the contract lawfully under the financing contingency. Please feel free to ask me any additional questions that you may have with regard to this matter. It would be my pleasure to continue to assist you. Thank you for using JA!If you would be so kind as to rate my service I would be most appreciative.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).