Let’s say I close condo on Monday, and then a huge natural disaster happen on Thursday, or the same month, making $$$ damage to the building — Am I immediately responsible for the full special assessment bill? Is there any clause that can protect me a bit in my buying process apart from insurance?

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You’re the owner and therefore fully responsible if it’s a natural disaster. If it’s something the old owner should have disclosed, but knowingly hid from you then you may have a cause of action against old owner.
Buy insurance regardless.

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You were the owner when the event happened. You are responsible for the full special assessment to fix the issue.

likehelpful

I should clarify, if you are the owner when the special assessment is issued, then you are responsible for the full amount.

Think of it this way, if the repair is $1 million and the board decides to issue a special assessment instead of using reserve funds, they then allocate amount based on each condo’s applicable shares in the common spaces. They aren’t going to start adjusting the ratios because someone was there for 1 month vs 10 years. You now own a certain amount of shares in the common space and so you need to pay your share when there is extra money needed.

helpfullike

That’s why you need insurance from day one…

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You can’t get a mortgage without insurance.

Bruh you trynna bring your receipt back for a refund? 🤣

funny

“I’m selling my condo and the close is scheduled for next week. If there’s a disaster before we close, am I responsible for the damage?”

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Well, you should have an insurance. Your condo HOA should cover damage to the exterior of your condo. You are responsible for the inside. You’re financially liable to pay the % of deductible (usually 1-2%).

Yes you are responsible. Part of due diligence, you should get the buildings PnL and balance sheet. See what type of reserve they have.

I would say God is responsible, you are liable.

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