564,544
Clearly outlined in the AOS:
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
-
Debe Maxwell, CRS
Charlotte, NC
-
Hannah Williams
Philadelphia, PA
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Carol Williams
Wenatchee, WA
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Byron K . Jones
Coatesville, PA
-
Kathleen Daniels, Prob...
San Jose, CA
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Nina Hollander, Broker
Charlotte, NC
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Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
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Candice A. Donofrio
Fort Mohave, AZ
5,584,178
well, someone knew it was coming....the buyer's agent did not do a thorough job.... assessments don't happen overnight....
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Praful Thakkar
Burlington, MA
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Debe Maxwell, CRS
Charlotte, NC
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Ron and Alexandra Seigel
Carpinteria, CA
-
Thomas J. Nelson, REAL...
La Jolla, CA
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Margaret Rome Baltimor...
Pikesville, MD
-
Kevin J. May
Hobe Sound, FL
-
Nina Hollander, Broker
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
775,625
If I had the seller I would disclose the assessment immediately & look to have the buyer assume it. Since this is something new the buyer can agree to assume it & proceed, back out of the deal or ask for the seller to cover a part of it.
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Hella M. Rothwell, Bro...
Carmel by the Sea, CA
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
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Greg Large
Grove City, OH
-
Lyn Sims
Schaumburg, IL
-
Kathleen Daniels, Prob...
San Jose, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
-
Candice A. Donofrio
Fort Mohave, AZ
1,533,714
It would depend on when the assessment is due. If after COE, it's the buyer's to handle. If during escrow, I'd say the seller.
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Debe Maxwell, CRS
Charlotte, NC
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Ryan Huggins - Thousan...
Thousand Oaks, CA
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Thomas J. Nelson, REAL...
La Jolla, CA
-
Michael Jacobs
Pasadena, CA
-
Lyn Sims
Schaumburg, IL
-
Kathleen Daniels, Prob...
San Jose, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Doug Dawes
Topsfield, MA
-
Joseph Domino 480-390-...
Scottsdale, AZ
4,712,240
In my market,that would be a new disclosure the seller will make.
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Debe Maxwell, CRS
Charlotte, NC
-
Ron and Alexandra Seigel
Carpinteria, CA
-
Thomas J. Nelson, REAL...
La Jolla, CA
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Kathleen Daniels, Prob...
San Jose, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Doug Dawes
Topsfield, MA
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Joseph Domino 480-390-...
Scottsdale, AZ
-
Richard Weeks
Dallas, TX
-
Peter Testa
Danbury, CT
6,649,428
Seems like the new owners will be reaping the benifits of the additional fee, but in the end it depends on what your contract says..
Personally I would stay away from any kind of real estate that involves an Association of any type.
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Debe Maxwell, CRS
Charlotte, NC
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Thomas J. Nelson, REAL...
La Jolla, CA
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Michael Jacobs
Pasadena, CA
-
Nina Hollander, Broker
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Doug Dawes
Topsfield, MA
-
Bob Crane
Stevens Point, WI
1,153,799
Equitable owner aside, the Seller holds title and is responsible for it until the day of closing.
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Ron and Alexandra Seigel
Carpinteria, CA
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Lyn Sims
Schaumburg, IL
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Nina Hollander, Broker
Charlotte, NC
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Margaret Goss
Winnetka, IL
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Doug Dawes
Topsfield, MA
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Michael Jacobs
Pasadena, CA
1,095,530
You're on a freakin' ROLL today!
And the answer is . . . drumroll please!
Does your Contract NOT have provisions for special assessments and liens other than tax liens? I find that so surprising.
How does your Contract address prorations?
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Debe Maxwell, CRS
Charlotte, NC
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Lyn Sims
Schaumburg, IL
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Nina Hollander, Broker
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
-
Peter Testa
Danbury, CT
-
Michael Jacobs
Pasadena, CA
3,416,110
I am with Michael Jacobs - this would require additional disclosure from the seller. And Ryan Huggins - Thousand Oaks, CA - AND as always, this can be negotiated provided the parties can come to an agreement.
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Debe Maxwell, CRS
Charlotte, NC
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John Juarez
Fremont, CA
-
Ryan Huggins - Thousan...
Thousand Oaks, CA
-
Michael Jacobs
Pasadena, CA
-
Peter Testa
Danbury, CT
719,777
What does the contract and its addenda say?
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Debe Maxwell, CRS
Charlotte, NC
-
Nina Hollander, Broker
Charlotte, NC
-
Candice A. Donofrio
Fort Mohave, AZ
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Doug Dawes
Topsfield, MA
-
Michael Jacobs
Pasadena, CA
5,274,497
It depends on how your contracts are worded. If seller and/or his agent had confirmed with the HOA at time of listing and contract signing that there were no pending assessments, it's the buyer's lookout. Could be a very different story if they hid the fact and knew.
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John Juarez
Fremont, CA
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Richard Bazinet /MBA, ...
Scottsdale, AZ
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Michael Jacobs
Pasadena, CA
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Peter Testa
Danbury, CT
1,250,899
Praful, I always ask if there are any assessments pending or soon to be announced. Unfortunately I think the buyer is stuck,
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Peter Testa
Danbury, CT
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
1,868,078
In my area our contract makes the seller certify that there are none up until closing. Let the negotiations begin - it's always tricky.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Peter Testa
Danbury, CT
5,166,763
Our contracts cover that. The seller has to tell if there is one coming up. plus 6 months of HOA meeting notes must be foward.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
1,260,682
Sometimes it doesn't matter who is supposed to pay it. Buyers get very upset when this happens and it usually makes sense for the seller to assume it - even if it's scheduled for after the close. I've seen buyers threaten to cancel the deal over it.
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Michael Jacobs
Pasadena, CA
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Lyn Sims
Schaumburg, IL
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Nina Hollander, Broker
Charlotte, NC
534,157
Here in AZ, assuming we use the standard Realtor Contract, our HOA Addn states:
"Any current homeowner's association assessment which is a lien as of Close of Escrow shall be paid in full by the Seller."
So if it has been approved it is the Sellers. If it is only proposed, but not approved by COE it will go to the buyer.
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Michael Jacobs
Pasadena, CA
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Lyn Sims
Schaumburg, IL
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Doug Dawes
Topsfield, MA
5,085,653
In Texas the seller owns the house throught the day of closing. That fee would be pro rated from the first of the year through closing date.
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Michael Jacobs
Pasadena, CA
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Nina Hollander, Broker
Charlotte, NC
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Doug Dawes
Topsfield, MA
1,426,302
It appears that the seller made the necessary disclosure when he became aware of the problem. As has already been mentioned, a late disclosure triggers an opportunity for re-negotiation or cancellation. What will the parties do?
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Peter Testa
Danbury, CT
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Debe Maxwell, CRS
Charlotte, NC
2,398,979
Every state is different but Maria Sapio showed it in black and white . Great job Maria
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Debe Maxwell, CRS
Charlotte, NC
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Maria Sapio
Carlisle, PA
3,209,814
As a seller i would pay it. As an agent representing a seller I would advise they at least split the cost.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
1,608,960
It depends on what your Purchase Agreement language states, for many it's pre-handled in the boiler plate language.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
3,923,366
It depends on what is in the contract and was it disclosed. I have seen the seller pay the entire assessment, I have seen it negotiated and I have seen a buyer accept an assessment but not frequently. Assessments are to be included in the documents. Is there an assessment already in place, is there a future assessment? If you know about it... DISCLOSE!
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
5,149,197
I think it depends on the contract wording. If the assessment is "coming up" is that before closing or not? If after, buyer may be on the hook. Was there any mention in the HOA documents/disclsoures/board minutes?
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
87,970
All HOA documents have to be reviewed before removing contingencies. The seller might not know that information, that is a buyer responsibility to investigate and inspect.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
75,155
Did they really find out after?
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
8,110,837
Follow the terms of the contract.
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Debe Maxwell, CRS
Charlotte, NC
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Michael Jacobs
Pasadena, CA
519,774
Depends on the contract. Ours seller disclosure asks if there are any pending special assessments. Our contracts also request any CC&R's, Resale Certificate, etc to be reviewed and approved.
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Michael Jacobs
Pasadena, CA
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Doug Dawes
Topsfield, MA
4,434,227
5,457,361
Depends upon your state's Purchase Contract, Praful. Sellers are mandated to pay any confirmed HOA assessments here.
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Peter Testa
Danbury, CT
1,006,523
That should have been disclosed BEFORE the agreement was signed!
The responisbilty would then be negotiable
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Debe Maxwell, CRS
Charlotte, NC
86,514
It's a material fact and here in California it must be disclosed which would bring in the 3 days right to cancel as per the Transfer Disclosure Statement. Seems to me the owner of the condo didn't share the by-laws, board minutes, etc with the buyer. Here in California HOA's are a royal pain in the tush. We must give all known correspondence to the buyer. I can't imagine an HOA just deciding willy-nilly to enact a new assessment. All depends how big it is, what it goes to and why is it being done. Defect litigation? I would then suspect the buyer also didn't examine the HOA's budget very closely. Either accept it, ask for a credit from the Seller or backout of the deal.
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John Juarez
Fremont, CA
785,494
Seller has the obligation to disclose and the buyer has the right to cancel the escrow.
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Michael Jacobs
Pasadena, CA
5,978,571
Our contract has a box for the buyer's agent to select, and we always say if there is a assessment known prior to closing, Seller is to pay.
2,702,632
3,986,423
Well 1st find out when the assessment was proposed and then enacted.
Then negotiate from there
3,988,138
If the assessment is given during the time of ownership of the seller then in my opinion the seller pays regardless if there is a grace period for payment or delayed due date. Having served on several HOAs, when we issued the assessment notice we gave a window for payment to help people budget but considered it a debt at time of assessment.
919,013
If it was a known fact, it should've been disclosed by the listing agent who should've done his due diligence. Normally the seller takes care of it, but if it's not spelled out anywhere, negotiate!
5,447,851
3,074,289
2,836,729
Whoever needs to benefit from this should step-up. A split not uncommon
4,800,282
This should be spelled out in the contract. It is, in Florida contracts.
2,557,171
So the sellers found out about an upcoming assessment after the contracts/disclosures were done and they disclosed right away? So that's all good; the sellers did everything right.
As for who pays the actual assessment? Is it actually going to be charged to unit before closing? After closing? Is it a huge assessment? Tiny? Is it for something that's already been done, or for future work?
I think it depends on the details but I'd say if the seller wants the deal to go smoothly they should offer to pay. If they lose the deal and stay in the home while trying to sell again, they'll be paying it anyway. Alternatively, if the buyer really wants the place, they should realize that's a part of home ownership in an area with associations and take care of it.
1,713,581
We had this happen on a Florida condo and it is the responsibility if the owner in Florida contracts.
5,774,084