Philadelphia Real Estate Helpful News and Views

Buying Condos Make Sure You Know Association Dues

 Buying Condos Make Sure You Know Association Dues 

condo 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

 

Hannah Williams

Re/Max Eastern  215 953 8800

cell 215 820 3376

HannahRemax@Gmail.com

 

 

 

hannah williams

 remax logo

 

Re/Max Eastern

 215 953 8800

215 953 8818

 cell anytime  215 820 3376

HannahRemax@Gmail.Com

 

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Comment balloon 49 commentsHannah Williams • July 03 2016 02:30PM
Buying Condos Make Sure You Know Association Dues
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