cutenall, Home Buyer in Philadelphia, PA

How can you tell if a condo is going through a special assessment?

Asked by cutenall, Philadelphia, PA Wed Jun 6, 2012

Is the seller obligated to tell you? Will your realtor know?

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Answers

7
Gita Bantwal ABR/CRS/SRES/CDPE’s answer
The agent may not know about special assessments, The seller will inform you if they know about it.. When your offer is accepted, the seller will apply for a resale certificate from condo association. It will have all the information including the budget. You should read it carefully.
Sometimes it may not have been assessed at time of writing the offer for example if there is a bad winter , they have special assessments at end of winter.
0 votes Thank Flag Link Sun Jun 10, 2012
The existence of an assessment or pending assessment is declared in the Seller's Disclosure. That information is readily available prior to putting in an offer. Contacting the management company for the association is wise for confirmation, but it would be both illegal and foolish for a seller to not disclose an assessment up front.

If you need a buyer's agent that anticipates concerns such as these, feel free to contact me.

Michael Garden
215 500 2981
mg@michaelgarden.com
0 votes Thank Flag Link Wed Jun 6, 2012
Yes. Make sure you read through all of the condo association documents and the minutes from past meetings. Those should be provided through the disclosure and inspection period.
0 votes Thank Flag Link Wed Jun 6, 2012
That would certainly be a material fact and all material facts must be disclosed. Things like this come out before it closes and if you find out a material fact that was not disclosed it is possible to walk away if you wanted to. Often there are plans for special assessments that have not been set yet and these do not have to be disclosed since they are not in place and might not ever be.
0 votes Thank Flag Link Wed Jun 6, 2012
Yes. We will find out. It is part of the disclosure process.

Good luck to you!

R. Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
267.507.2287 d
856.617.1212 m
axelson@kurfiss.com

Most Prestigious Real Estate Company, Luxury Institute, 2008
Luxury Home Marketing Specialist
Licensed in NJ and PA
Web Reference: http://kurfiss.com
0 votes Thank Flag Link Wed Jun 6, 2012
The condo Association will know!

If you are looking for an experienced Real Estate Agent give me a call and i will work with you on your purchase.

Alexander Shulzhenko
Realty Mark Cityscape
267 738 0886
http://www.eRealtyFind.com
realexs@gmail.com
0 votes Thank Flag Link Wed Jun 6, 2012
Hello Cutenall,
Have your agent contact the management company of the complex to determine if there are any special assessments that are currently in place or are planned in the near future. Asking some residents there who you may encounter might also be helpful.

And yes, the seller should know if there are any special assessments as he would be paying for it currently or should have been informed about any assessments forthcoming.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
0 votes Thank Flag Link Wed Jun 6, 2012
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