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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 33708
Experience:  15 years real estate, Realtor. Landlord 26 years
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I live in a condo inland it has an assoc About 400 units One

Customer Question

Good morning
I live in a condo inland it has an assoc
About 400 units
One of the tenants sold a unit to someone
He had problems with the fact that the original owner removed support walls and
his ceiling is moving Dn into the neighbor
Downstairs
So the downstairs owner sued the HOA
My question
I am in the process of trying to sell a condo in an entirely different building
Can or will that stop any bank that my buyer wants to use from getting a loan having this lawsuit in another building w the HIA
I thank you for your most valued time
Robert ***@******.***
Submitted: 12 months ago.
Category: Real Estate Law
Expert:  Barrister replied 12 months ago.

Hello and welcome! My name is ***** ***** I will try my level best to help with your situation or get you to someone who can.

.

If you aren't actually a party to any litigation, then no, it wouldn't affect your title or create any type of encumbrance on your property so as to prevent you from selling. If the owner is suing the HOA, then if they win, the HOA's insurance company would presumably have to pay out any recovery for damages.

.

So it wouldn't send up any red flags to the buyer's lender about the property as it is unlikely that they would even become aware of it since it doesn't directly affect your property or title.

.

As an aside, I used to be a closing attorney for 4 different lenders and have practiced real estate law for over 15 years..

.

thanks

Barrister

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