Will a litigation against my building affect me when buying a condo in New York? What does this all mean?
Litigation Against the Building Often buildings get into litigation, whether it’s a slip-and-fall case brought by an individual or there can be a dispute between the original developer and the building itself.
Often buildings don’t budget for these unforeseeable events so that can meet an assessment or a rise in common charges/maintenance is coming!
What can you do to protect yourself?
Ask for the latest update on the litigation. Ask for the attorney’s contact info who is handling the case to see if there is a chance that the building will lose or incur lots of money. Also, ask if the legal expenses will be covered by the building’s insurance.