Association could leave itself open for legal action if it doesn't act on
legitimate building defects and disclose these defects to all unit owners.
However the fact that an association is suing a developer can impact an owners
ability to obtain financing. It is vital to let your lender know up front if
the development or project you live in is in litigation. It is usually possible
to obtain financing in such situations, but it will limit the number of lenders
who might be able to finance your mortgage. In some cases the lender may
require a higher percentage of equity in the property and the interest rate
could exceed that of standard financing programs.
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The information contained on this website is provided as a supplemental educational resource. Readers having legal or tax questions are urged to obtain advice from their professional legal or tax advisors. While the aforementioned information has been collected from a variety of sources deemed reliable, it is not guaranteed and should be independently verified.
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