Condo Assoc. In Lawsuit
I'm scheduled to close on my first flipper property in just a couple of days. I just found out today that the association is being sued by the roofer (new roof last year) for $100,000. All of the assessments for the new roof have been paid by the seller. I'm not really sure why the assoc. is getting sued but I'm trying to find out. My attorney says they have enough reserves to cover the lawsuit and it's also a fairly large assoc. with approx. 150-200 townhomes. Any advice? Should I head for the hills?
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