Is the co-op responsible to report problems in a sponsor's unit to potential buyers? Is the sponsor?

Almost without exception, pre-war coop apartments I work in are all sold by the sponsor this way.   I have seen a few quality renovations by sponsors, some solid mechanically with a disco look, but good ones are rare.   Many problems persist from the long years of rental “maintenance:”  lamp-cord electrical work; mixed pipes of galvanized steel, plastic, brass, and copper; loose 12 x 12 porcelain tile over disintegrating mortar beds over vinyl squares.  Sponsors just ad a thin coat of deception.  Later, the whole mess gets stirred up and covered over again by flippers.  Some things get “fixed” over and over and over.

greenmountain

in Real Estate - Sales 12 years and 10 months ago

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Mms2222 | 12 years and 10 months ago

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There is a one bedroom unit in my building that just went on the market by the sponsor that looks fine on the surface but is filled with wiring and plumbing problems which could cause the new owner a lot of financial responsibility in the future.  Since the unit is a sponsor sale it won’t need board approval. Is the board required to let anyone know about the exisiting problems if the sponsor does not? We’ve seen the place and already know he’s taken liberty with the phrase “wood floors” and “newly renovated” so I don’t expect he’d be forthcoming with other details.  I’m not on the board, but since the problems include plumbing it’s of concern to the entire building. I also kind of want to warn everyone who visits to get an inspection and board minutes but that seems like crossing a line. As does listing the address here (so sorry for those who want it). Anyone come across this situation before?