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Updated about 7 years ago on . Most recent reply

User Stats

405
Posts
168
Votes
Jean Norton
  • Flipper/Rehabber
  • Austin, TX
168
Votes |
405
Posts

Do I need an Attorney for E&O Claim against Property Management?

Jean Norton
  • Flipper/Rehabber
  • Austin, TX
Posted

Two years ago I bought a Condo in Chicago.  The property management company that represents the Condo Association said I could furnish it and rent it monthly as a corporate rental, which I have done.

Now they state I must Cease and Desist as it is in violation of the Association's governing documents.

I don't mind following their rules. However, the cost for me to sell the furniture at fire sale rates, plus lost income during this phase (plus had to turn away and refund a corporate rental for a month), plus the losses incurred as a result of having to accept a lower income model is significant.

Had they properly represented the association and conveyed the rules appropriately, I never would have bought the condo.

I assume the property management company has E&O insurance, but I don't really know.

What is my recourse?

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