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FirsttimeHom…, Home Buyer in Downingtown, PA

The HOA one time payement (non refundable) was not advertised nor told. This is property in Malvern/Exton area , PA.

Asked by FirsttimeHomebuyer, Downingtown, PA Wed Feb 15, 2012

The HOA one time payement (non refundable) was not advertised either in Realtor.com or in TREND listing. Mostly they are advertised. And buyer agent did not tell the buyer on this. Now HOA document says that buyer has to pay that amount at settlement. what is the solution on the settlement table? should buyer hire an attorney? or the title company will adjust it.
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Bela Vora’s answer
BEST ANSWER
Hello first time home buyer,

It seems you are close to settlement and panicking. Make sure if you hire an attorney - they practice real estate law. Sit down with a real estate professional you can trust and figure out next course of action. One cannot really assist you on a forum like this without knowing all the facts.

You have to ask yourself, is it the house you want? Are you getting it at a fair price? Is the HOA one time contribution keeping you from buying your dream home? All said and done - like someone already said - the attorney fees may be way higher than that HOA contribution.

Your contract is always with the Broker not the agent - so if you have any issues with your agent, talk to the manager/broker of that office and they will assign another agent, and take the time to help you through your situation.

As for the HOA docs - they have to be delivered to the BUYER (not the representative - sorry Fran and Mark, Nick is right) - so you may still have an opportunity to walk and recover your deposit.

Good Luck.
Bela Vora
0 votes Thank Flag Link Thu Feb 16, 2012
Hi

With all due respect to Nick we disagree regarding delivery. Delivery of documents including the Condo docs and Resale Certificate is delivery to the buyer or his appointed representative. It is incumbent upon the seller to document the date of delivery, however he will not suffer due to the tardiness or negligence of the buyers representative.
As to what the buyer will lose, he will not lose any deposit money. However he will not be reimbursed for any inspection or financing costs incurred. Those are buyers expenses that he may not recover.


Fran and Mark Redding
Prudential Fox & Roach, Realtors
1010 stonyhill Road
Yardley, PA 19067
215-321-3307 Direct
215-208-7169 Cell
http://www.franandmark.com
Web Reference: http://www.franandmark.com
0 votes Thank Flag Link Wed Feb 15, 2012
Hello First time,

Tell the sellers Realtor that you are not paying it. Let them pay for it out of theiur commisson or let them lose the whole thing. Make them responsible for their error of omission.\

A good realtor would disclose that information

Alan
0 votes Thank Flag Link Wed Feb 15, 2012
The resale certificate is included in the HOA docs. This is the only document that must be delivered to you directly, for the days in the agreement of sale to start counting, it does not count that it was given to your agent. It is 5 days from receipt, usually you are required to sign for these exactly because of this. Most associations today do charge a one time capitalization fee as it strengthens the association. If you walk away because you do not like something in the rules and regulations of the home owners association you should get all your deposits back. This is all in the agreement of sale you signed.
Web Reference: http://www.vandekarteam.com
0 votes Thank Flag Link Wed Feb 15, 2012
5 Days...sorry misprint. Find out when the agent received the documents and see if you are within that 5 day period.
0 votes Thank Flag Link Wed Feb 15, 2012
Hi

We agree that you can walk away but in PA it is 5 days from date of receipt of the documents or up to closing whichever is sooner and it must be in writing. Ask the agents both buyer and seller to eat it. It was their mistake. If they don't your only choice is to walk or go forward and don't use either agent again.

Fran and Mark Redding
Prudential Fox & Roach, Realtors
1010 stonyhill Road
Yardley, PA 19067
215-321-3307 Direct
215-208-7169 Cell
http://www.franandmark.com
Web Reference: http://www.franandmark.com
0 votes Thank Flag Link Wed Feb 15, 2012
The answer is you have 3 days to to back out of the deal once you receive the resale cert and the rules and regulations which provide this information to you. I don't know of any association that does not charge a one time captial contribution fee. Walk away from the deal then you don't have anything to worry about.

And no the Title Company won't adjust it, it has to be paid and an attorney will costs you more than the capital contribution.
0 votes Thank Flag Link Wed Feb 15, 2012
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