Home Buying in 97233>Question Details

Pdxer09, Home Buyer in Portland, OR

I am almost closing on a condo, after a minor repair is done...And all the addendums are signed. However, there are a couple of things I want to know

Asked by Pdxer09, Portland, OR Wed Oct 21, 2009

The seller listed the condo as 1 bedroom on the real estates websites, but it was in fact a studio. Also he listed as being having special Tax Exemption where I would have to pay very little for two years, but that exemption was terminated...I like the condo and all but how does the law look at those two false statement in a pubic listings? Am l supposed to still claim the exemption from the seller and let him pay the county the difference or what?

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P: it sounds as though you have not closed yet? I would definitely consult your agent regarding the specifics of your contractual agreement (who may feel that you need the advice of a real estate attorney). I agree that obviously you have gone this far with the knowledge that the condo is, in fact, a studio and not a true 1-BR and assume you negotiated your sales price based on that knowledge. You do have a legitimate complaint regarding the validity of the claimed tax exemption and especially if you've not yet closed, you could have some recourse if this is a "deal-killer" for you. You say you still like the condo, so I would consider that first and foremost. All the best...
Janeese Jackson, Principal Broker
Real Estate Resource
503-709-0802
jj@janeesejackson.com
0 votes Thank Flag Link Wed Nov 18, 2009
The seller has to fill out a seller disclosure and it you do not receive it you should check with an attorney since you might be able to get your earnest money back. The tax abatements are for income and specific areas and for a certain length of time so you might think you qualify and don't. The seller has forms that he is required to give you and if you don't receive them you might be able to get your money back. You could always go to small claims court or better yet not close but then you will lose your appraisal fee and inspection fees if the seller gave false information then you might get him to refund you some money but you have no leverage after you close. Did you get copies of all the past minutes for the past 2 years to see if there are assessments coming up or ask the seller about these things? There are standard forms for all these things. So if you are still buying the condo you will not have a very good case if you and close and then say the seller lied and you knew about the statements and still bought it.

Good Luck
Tom Inglesby, Broker
RE/MAX Equity Group
503-319-9035
0 votes Thank Flag Link Wed Oct 21, 2009
It sounds as if you did not have an agent. You still made an offer after knowing it was a studio. The county will want it's taxes in full and does not care about what your seller said. You need to talk with a real estate attorney. Good Luck.
0 votes Thank Flag Link Wed Oct 21, 2009
Your best answer would be to ask your agent - I am sure they can explain the situation. Only the people involved will know what you are looking at!
0 votes Thank Flag Link Wed Oct 21, 2009
Sounds like you purchased this condo without a buyers agent and he wasn't represented either. I would contact your local taxing authority and get the facts about the tax exemption. Also sounds like the seller did some false advertising to entice buyers and he misrepresented the facts which amounts to fraud. I don't know the market out there but you may have also overpaid for what is a studio vs a one-bedroom. I'd meet with a real estate attorney for professional advice and now. Don't become a "knowing victim".
0 votes Thank Flag Link Wed Oct 21, 2009
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