Posted by River City on September 22, 2005 at 11:00:54:
This is something that I believe in the State of Florida was required to be disclosed to you by the seller if the seller had knowledge of it. If you used a standard Florida real estate sales contract, it is in there.
I just sold my residence in Florida and it was in my contract. Anything that “materially” affected the home including the HOA had to be disclosed.
In addition, isn’t $24,000 kind of steep to stucco each unit? I would think they could do an entire single-family home for a few thousand.
Re: special assessment billed after closing - Posted by River City
Posted by River City on September 22, 2005 at 06:37:33:
What does your title policy say? Is it subject to special assessments being paid by you? Did your contract mention special assessments? What are the special assessments for? Call your closing agent and ask him/her about your responsibilities on this.
The special assessment is for building defaults. This is a condo built in 2001. Repairs or to redo all the stucco is costing each unit $24,000. total of $5,000,000 for the whole condo developement. There is a lawsuit with the builder but in the meantime the problem needs to be fixed. I was not aware of this at closing. The seller, realtor or title company did not inform me. I made a claim with the title company and they said they were not responsible because it was something pending. Well, someone should have disclosed this to me. I am going to attorney today.
Re: special assessment billed after closing - Posted by Natalie-VA
Posted by Natalie-VA on September 26, 2005 at 11:53:50:
Rita,
Did you receive a condo resale package prior to the closing? In my state, the seller is required to get and pay for a resale package which would disclose lawsuits that the association is involved in.