I will be closing on a condo on Thursday. I was informed by the seller's agent that there are no special assessments on the condo. After some research, I discovered that there is a special assessment of $10-15k. Bldg mgt will give a price in the next few weeks (after I close). According to docs I recd from the bldg mgt, owners have been aware of this for the past 3 yrs. Seller claims she changed her email and didn't know. Is there any way seller can be held responsible for this? This is in MA.
2006-06-12 15:33:01 · 6 answers · asked by slkbos 1 in Business & Finance ➔ Renting & Real Estate
Yes, the seller is responsible. If the amount hasn't been determined yet, and if you really want this condo, then you should have your closing agent hold back $25,000 of the sale proceeds in escrow. Once the final amount is established the closing agent can use those funds to pay off the assessment and return any remaining balance to the seller.
If the seller isn't willing to go for this then if I were in your position I would walk away and sue them for the return of the deposit.
2006-06-12 15:56:06 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Yes, the seller is responsible. If they are aware of the special assessment and did not disclose you can back out of the contract or sue them for the payment of the assesment. Contact an attorney, it's considered fraud.
2006-06-12 15:38:17 · answer #2 · answered by ldc1129 2 · 0⤊ 0⤋
i'm with Blue With. you could desire to get a reproduction of the bylaws first. Legally they could desire to furnish you with that. in case you have a subject with that attempt the administration organisation as interior the valuables supervisor. Then talk to a criminal expert. in case you could desire to hire him complete time in this difficulty perhaps numerous vendors can all chip in. in view which you have such silly HOA human beings evaluate particular assessment coverage for the destiny. it is been 10 years in view that I had a residence yet as quickly as I heard that there could desire to be a extensive assessment I have been given it. Then it became $13.50 a 12 months.
2016-12-08 08:37:20 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Depends on what you signed so far.....there will have to be a stipulation at closing.....otherwise dont close....you should try to get your EMD back if that is the case. Your realator should have caught that....not you. The sellers and the sellers agent are shady.
2006-06-12 15:40:07 · answer #4 · answered by jstark18 1 · 0⤊ 0⤋
Yes. Actually you could still back out. If this info was available than you have every right not to close. You need to talk to a real estate attorney about what recourse you want to take.
2006-06-12 15:49:12 · answer #5 · answered by Nagitar™ 7 · 0⤊ 0⤋
Yes, whether the email is working or not, she should have known. If you can't get the answers from your agent for whatever reason, spoke with the broker/manager. They have lawyers for this.
2006-06-12 15:43:02 · answer #6 · answered by BigDaddy 4 · 0⤊ 0⤋