Experts say the ruling highlights the risks of not examining closely the mandatory cost disclosures most condo sales require
A $75,000 court judgment against a condominium corporation over “fraudulent” documents highlights the risks of not examining closely the mandatory cost disclosures most condo sales require.
The non-conforming solarium is something that typically would have been covered by a separate agreement with the condo. However, when the couple asked where in the status certificate they were given any warning of the issue they were sent a second status certificate, which is where the real trouble began.
Bradley Chaplick, condo lawyer and partner with Levitt Di Lella Duggan and Chaplick LLP, calls the ruling “a shot across the bow and a warning to everyone” in the condo space, and said the justice borrowed some of the “general deterrence” legal theory for criminal sentencing in his description of the civil damages.
“The Condo Act is consumer protection legislation,” said Mr. Escayola. “There’s an obligation to be forthright and disclose more than less.” “Section 12 is a catch-all, it was designed so that if property management even hears about a potential expense they are supposed to disclose it,” said Robert Weinberg, CEO of Percel Property Management. According to him, these can be beefy documents, often running to more than 100 pages, including a package of different reports from engineers and other experts, copies of the budget and the building bylaws.
“I had a property that had two fires – each fire burned down four units – I put that in right away, I’m aware of the fact of an increase of insurance premiums and probably our deductible,” said Dean McCabe, president of Meritus Group Management Inc. What Mr. McCabe doesn’t put in paragraph 12 are what he calls routine rising costs, such as those associated with wage inflation.
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