Who should be responsible for a loss assessment?

Question

If a townhome was purchased 5 months after storm damage occurred without the buyer knowing, who should have to pay the loss assessment charges? How long does an association have to register with the city?

Answer 1

Find out about a reputable real estate lawyer who deals with this kind of thing & spend the $50 for a consultation to examine the options. Really research on the lawyer you pick- get a paid consulation, not a free one, you get what you paid for & they'll lay it all out when you are paying them for their time.

Answer 2

I am not sure on all of the facts here but I would check on the disclosure laws. If you bought the town home and the seller willingly did not disclose that the house had been damaged due to a storm, than I would seek legal counsel. I know realtors can be sued for non disclosure. I have no idea on the other part of the question.

Answer 3

it would be the buyer because you bought the townhome as is. You should have done your homework beforehand and ask all the questions and get it inspected in and out before you signed any papers. what you can do is take all the paperwork to a laywer, explain your situation and just get an advice. a lot depends on what exactly states in the purchasing contract you have signed as well as your state's real estate laws.

Good luck!

Answer 4

The saying is: Buyer beware! I hope this buyer had the common sense to have it inspected before they went to contract. It pays to spend a little extra for MOLD inspection too. I would think that the seller "could" be held accountable, and if there was a real estate office involved, they should be held accountable too for defrauding the buyer----Full Disclosure is what they are paid to provide. Locate a Real Estate Attorney who can give you all the facts.

Answer 5

You!