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I found a listing for a property that is in a high rise building where the HOA has been disbanded. This is the note from the listing:

HOA is disbanded and HOA has past taxes.

What pitfalls are probable in such a situation?

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    One pitfall would be that you'd be on the hook for these past taxes...
    – littleadv
    Aug 27, 2015 at 5:36
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    If there's no HOA who's going to be responsible for maintenance expenses and utilities?
    – Charles E. Grant
    Aug 28, 2015 at 1:35

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Aside from what was mentioned already, the biggest risk is being unable to get a mortgage. Even if you buy it as a cash transaction, you may have issues when you try to sell to someone else also needing a mortgage. Banks will generally need to see lots of information from a HOA (such as an annual budget, master deed/by-laws, etc. depending on the bank) and will deny a loan based on things like that.

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