Best of luck,
There is no way to control what the bank/owner ultimately wants, but this can be found out and understood very early in the process if your Realtor and attorney ask the right questions.
You don't tell how far along you are with the contract, but the bottom line is you will need to negotiate until the bank says no, and then decide if the terms as offered will work for you, and if your lender will support the decision if there is a loan being used for the purchase.
Good luck, remember there are other properties out there and some sellers who understand the value of a good purchaser and accept the market conditions as they are today.
While it is still arguable to whom is legally responsible for paying back assessments and late fees, and of course you donâ€™t want to have to pay them. Your attorney should always be negotiating all late fees for you. Before you walk away from the deal, ask yourself, even if I have to pay all or part of the late assessments is the return on my investment worth it? This is a decision only you can make.
Just make sure your attorney and home inspector have done all their due diligence so you will be as informed as possible of any expenses you may have to face in the near future.
Best of Luck.
Ask your attorney to negotiate the legal and late fees. The condo property act calls for the payment of assessments in arrears. It is not clear as to the legal and late fees, at least that is what an attorney who represented one of my clients argued.
Hope this helps and good luck!
RpV Realty LLC
When a house goes through Foreclosure; all the Liens are supposed to be paid; Does this mean that the County never filed a LIEN on the property?
And the Title Company did not search the outstanding taxes?
Good luck and may God bless