Legal Question in Real Estate Law in Florida

My husband and I bought a townhome and closed last week, our first home. We were notified a few days ago that there have been inspectors coming since March testing for problems with water damage on roof, stucco, etc. There was an HOA meeting tonight that detailed the extent of the problems. In short, just to do the remainder of the inspections will more than deplete the HOA reserves, much less the repair which is expected to be in the millions. The HOA is going after the builders, but just to begin the proceedings will cost a considerable amount. It seems us homeowners are going to foot an unfathomable bill.
My question is this: The sellers were made aware of this last year when this all began. We were never told of the inspections or possible damage. Are they liable to tell us? Do we have any recourse even though we signed AS IS clause? We feel we were misled and pertinent information was withheld to us.
We did have the home inspected, but the damage is apparently structural and hard to find. Plus, it's not necessarily in our building, but several buildings in the complex that they will not disclose.
Thanks for any input.

Asked on 5/26/10, 6:17 pm

David Slater David P. Slater, Esq.

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IF they knew of the potential assessment, it should have been disclosed.

Answered on 5/27/10, 8:53 am

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