Real Estate Forums

Las Vegas Homes · 08-06-2005, 05:03 PM

Have you ever noticed that most condo-complexes are in litigation at one point or another? Why do you think this is?

Las Vegas Real Estate · 08-06-2005, 05:14 PM

Hmm...I guess becasue there are so many common areas...more room for dispute?!

San Diego Real Estate · 08-06-2005, 05:33 PM

I agree more exposure! More room for error!

REMAX LV · 08-10-2005, 05:08 PM

Well put! It seems like the only possible reasoning

REMAX LV · 08-14-2005, 09:24 PM

So what typically happens when the condos have litigation, has anyone had this experience?

San Diego Real Estate · 08-15-2005, 11:33 AM

It all depends on the Dollar amount...It usually has to be settled before close of Escrow...

LVH · 08-16-2005, 12:06 PM

Yes most mortgage companies will not fund a condo development that is in litigation. Also when this happens the condo development can sometimes lose their insurance policy.

Its not uncommon that condos end up in litigation but as San Diego said depending on what it is about will depend on whether any of the units will be able to be sold.

San Diego Homes & Condos · 08-18-2005, 07:34 PM

I have heard of an instance of a condo being under litigation and the listing agent couldn't sell it because nobody could buy it. I did not realize how common it is.

REMAX LV · 08-28-2005, 09:16 PM

I actually just had a client buy a condo who's association was under a pre-litigation, so it wasn't a huge deal and it did not directly involve their unit. Some of the common areas had some issues, the lender was aware of it and just had to have a paper signed.

LVH · 08-29-2005, 02:21 PM

Be very careful of these situations as they could get you as the real estate agent sued. Always cover your backside when a lender agrees to fund these clients. Document, document and did I say document. Always suggest and do it in writing that these clients also consult with an attorney before agreeing to any funding clauses. You as the Realtor could be held liable.