I am thinking of purchasing a condo. The HOA docs have a list of "Assessments and Mandatory fees you are responsible for". Within that list under it states "Other entity or facility: Line of Credit with BB&T: Balance $183,718.28."
Why would this be listed as something I am responsible for and if the HOA ever went bankrupt, would I along with other tenants, be responsible for this debt?
1 Answer from Attorneys
I would recommend that you contact the president of the condo board
for clarification of these issues. (Any clerk covering the desk at the entrance
to the building should be able to provide you with his or her phone # if it's not
listed with the documents you already have.)