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    Post: condos and special assessments

    Posted by Stacy on 6/24/08

    My association has had a capital improvement loan since
    2003 where we pay a "loan assessment" of $35/month. I
    bought my condo in 2004, 1 year into the loan payoff. I
    assumed payments from the seller.

    I am now selling my condo. Title company says I have to
    pay off the "special assessment" because my contract says
    so. We argue it is not a "special assessment" but a "loan
    assessment" as defined by the condo docs. They insist we
    get a contract modification, contract already on shakey

    I look back at the contract when I purchased the condo and
    the same wording is there about the seller paying off a
    special assessment at closing. My seller did NOT pay off
    this special assessment like the contact said they should
    under the logic the new title company is giving.

    If I end up having to pay of my unit's portion of
    this "capital improvement loan" as a condition of the
    contract, and the same condition existed when I bought it
    but was not acted upon, do I have recourse to the title
    company I bought with or the sellers from whom I bought?

    Posts on this thread, including this one
  • condos and special assessments, 6/24/08, by Stacy.

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