An Ohio seller's property is in a homeowners association that has recently enacted a significant increase in monthly dues. The seller has been notified of the increase but it has not yet taken effect. Under Ohio disclosure practice, must the seller disclose the pending dues increase?
Correct Answer
A) Yes, the pending dues increase is material information that should be disclosed to potential buyers
A pending HOA dues increase is material information that affects the buyer's monthly costs of ownership. Since the seller has actual knowledge of the increase, it should be disclosed on the Residential Property Disclosure Form or through other appropriate disclosure channels.
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More Oh Disclosure Requirements Questions
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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?
- → Sara, an Ohio buyer, asks her agent whether she should conduct an environmental assessment before purchasing a residential property in a suburban neighborhood. Under Ohio practice, when is an environmental assessment typically recommended?
- → Lisa, an Ohio seller, discovers that her property's drinking water has high iron content, causing staining of fixtures. The water is safe to drink but cosmetically unpleasant. Under Ohio disclosure law, must Lisa disclose this?
- → Christine, an Ohio seller, knows her property contains asbestos floor tiles in the basement. The tiles are in good condition and undamaged. Under Ohio disclosure law, must Christine disclose the asbestos?
- → Emily, an Ohio buyer, is purchasing a property near a former landfill. She asks her agent about potential environmental concerns. Under Ohio practice, what should the agent advise?
- → Roger, an Ohio seller, asks his agent whether mold is considered an environmental hazard that must be disclosed. Under Ohio disclosure practice, which statement is correct?
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Previous Question
Brenda, an Ohio seller, has a well-maintained property with no known defects. She is reluctant to complete the Residential Property Disclosure Form because she thinks it will create unnecessary liability. Her agent explains the form's purpose. Which statement BEST describes the form's function?
Next Question
An Ohio property has experienced repeated flooding from a nearby creek. The seller disclosed this on the Residential Property Disclosure Form, noting the flooding history and the installation of a French drain. The buyer proceeds with the purchase. Two years later, the creek floods again causing damage. Under Ohio law, can the buyer sue the seller?