Inheriting real estate might feel like a windfall, but if that property is inside a homeowners association or condominium building, it may come with costly risks. What looks like a valuable asset on the surface could actually be a serious liability.
Decisions Must Be Made Quickly
Most heirs are given little time to decide what to do with an inherited property. The estate may still be paying the mortgage, utilities, and taxes. In many cases, the personal representative must choose quickly whether to sell, rent, move in, or disclaim the property altogether.
That decision becomes especially urgent when the property is part of a homeowners or condo association.
Deferred Maintenance Can Be a Death Trap
A large percentage of association-governed communities in the United States are facing serious problems. These include years of deferred maintenance, underfunded reserve accounts, structural risks, board infighting, and escalating fees. Many associations have failed to prepare for major repairs and emergencies.
The collapse of Champlain Towers South in Surfside, Florida was a tragic example. Nearly 100 people died in a building that had well-documented structural issues and years of postponed repairs. The condo board had been warned. The repairs were known. The money was not there. This is not an isolated case. Across the country, there are thousands of aging condo buildings and HOA developments in similar condition.
A Risk for Fiduciaries and Heirs
If you are an executor, administrator, or trustee of an estate, you are legally responsible for making informed decisions in the best interest of the estate and its beneficiaries. That means you must evaluate not just the market value of the property, but the hidden risks tied to its location and legal structure.
Failing to do so can result in massive special assessments, lawsuits, property value loss, or in the worst cases, loss of life.
A New Guide to Help You Ask the Right Questions
To help fiduciaries, heirs, and professionals understand these risks, a new book and resource website is now available at HOABuyerBeware.com.
Written by Phil Pavarini Jr., a licensed insurance agent and private investigator, HOA Buyer Beware is the only guide of its kind focused on helping families navigate HOA and condo-related property inheritance. The book explains in plain English what to ask, what to check, and how to protect yourself before taking ownership.
It includes:
- Real-world examples of inheritance gone wrong
- Sample letters and checklists
- Advice for personal representatives, heirs, and attorneys
- Warnings about overlooked structural and legal risks
Sometimes the Best Option is to Sell
Not every property is worth keeping. In some cases, the smartest and safest move is to sell the property quickly, disclose everything you know, and let the next owner take on the risk. It may feel difficult, but it could protect the estate, the heirs, and even your own peace of mind.
Learn More Before You Decide
Visit HOABuyerBeware.com to learn more, or to request a copy of the book. This resource was created to help families like yours avoid disaster and make smarter decisions during one of life’s most stressful times.
For additional help understanding your duties as a fiduciary or meeting probate bond requirements, explore our other resources at ProbateCourtBond.com.
