ruthmarie2, Home Seller in Ocean City, NJ

Condo assessments

Asked by ruthmarie2, Ocean City, NJ Mon Dec 17, 2012

When an assessment is made for planned improvements to be done the following year ...is seller responsible for the entire amount or just the amount until condo is sold? The seller will not benefit from projects as they will be moved out before they start them.

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3
It is all part of negotiation. The assessment does not have to be paid until it is due. check with your attorney but legally it is according to when it is due.
1 vote Thank Flag Link Mon Dec 17, 2012
As Andrew has stated this is the case. The buyers will usually find out about planned assessments before closing and will most likely ask for something during the negoitation process. Good luck!

Sincerely,

Keith Jean-Pierre
Re/Max First Realty
Direct: (848) 391-6428

http://www.keithjeanpierre.com
0 votes Thank Flag Link Tue Dec 18, 2012
Your best bet is to have your attorney ask the seller's attorney for the by laws which should explain how the condo association deals with assessments.

Good luck!
0 votes Thank Flag Link Mon Dec 17, 2012
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