Condos Q&A: No substitute for legal advice when buying

Q: Two years ago, we purchased a townhouse in a five-unit complex. At the time, the condo board president told us that, due to the size of the condominium corporation, we did not need a reserve fund study, and none has ever been completed. Our realtor, home inspector and mortgage company did not seem concerned by this, so we made the purchase. Since moving in, we have had significant issues. There is no money in the reserve fund and we are trying to figure out how to fix this mess. We know that there will be significant special assessments in the future and that a reserve study needs to be completed. Any advice would be appreciated.

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