Buying Condos Make Sure You Know Association Dues
What are the consequences of agents saying that condo fees may be lowered by x amount of dollars . Making statements that assessments are temporary and will be lowered by specific amount When in reality there are only a few condo owners that can do this and it must be paid down . It just does not just happen and when it does it only can only happen once a year . The remainder of the assessment / which is a loan on the entire association will be for almost another six years and that determines the condo dues .This is what is going on in a specific development that I sold a condo in.
This really confuses the buyer of the condo and in my humble opinion may open everyone up for future law suits including the condo association. Yes it makes buying the condo sound more attractive when they see a high condo fee that they think is going down when they buy it . When in reality it could and may be the same for almost six more years .The seller thought they could pay the balance of their assessment at settlement and the condo dues would go down The buyers thinking the seller was paying their portion of the loan at settlement and that their condo dues would go down agreed to pay full price . Then the listing agent found out it could not be done .
Needless to say the buyers were very upset . They were ready to walk away from the condo sale . We needed to renegotiate the price . We also needed to write the terms into the agreement of sale . This way there would be no misunderstanding . The agent I was working with agreed and we made all the necessary changes . Everyone felt better that there were not any misrepresentations by any parties involved in the transaction
We can not predict what condo dues will be in almost six years from now Nor should we ever try to . If you are going to make statements like that it needs to be spelled out . It must say the exact terms in my opinion when you put it in the Multiple Listing Service . Even if you advertise it it should have true and correct terms and information .
There are to many misleading and or vague information and statements being made . Agents should beware in making such statements verbally and or in writing . It is better to have the buyer prepared for the higher condo association dues .The condo management office was upset when the prospective buyers showed them what was written on the MLS sheet
Don't promise something that may not happen or make false misrepresentations. By doing so you may find yourself defending these statements in court one day .
Please do your Due Diligence
Re/Max Eastern 215 953 8800
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