Carlos, an Ohio seller, is asked about HOA assessments on the disclosure form. The HOA has informed all owners of a pending special assessment for pool repairs but has not yet voted on the exact amount. Under Ohio law, must Carlos disclose this?
Correct Answer
B) Yes, Carlos should disclose the pending assessment even if the exact amount is not yet determined
Under Ohio disclosure principles, material conditions that the seller is aware of should be disclosed, including pending assessments that have been communicated to owners. Even though the exact amount is not finalized, the fact that a special assessment is being considered is material information for the buyer.
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- → Tom, an Ohio seller, asks whether he must disclose that the property has a sump pump in the basement. Under Ohio disclosure practice, which statement is correct?
- → Kevin, an Ohio first-time seller, asks whether he must disclose that his property is connected to the municipal sewer system. Under Ohio disclosure practice, which statement is correct?
- → Nancy, an Ohio buyer, is purchasing a property and asks about environmental assessments. Her agent explains the different phases. Under Ohio environmental practice, what is the purpose of a Phase I Environmental Site Assessment?
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Previous Question
Helen, an Ohio seller, asks her agent whether the buyer must sign the Residential Property Disclosure Form. Under Ohio practice, what is the buyer's role regarding the form?
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Wendy, an Ohio listing agent, receives the completed Residential Property Disclosure Form from her seller. Wendy notices the seller marked 'No' for 'structural problems' even though Wendy personally observed a large crack in the foundation during her listing visit. Under Ohio law, what should Wendy do?