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.