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Old 08-24-2013, 10:58 AM
 
103 posts, read 225,220 times
Reputation: 22

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So it turns out the only litigation against the building is the fact that the seller of my unit was near foreclosure. The building is behind $2400, and $2055 of it is from the current owner of my prospective unit. I am assuming this means that once the seller sells me his unit, the only issue will be two other units perhaps late one month's assessments? As of right now, my lender has pulled the plug, but he isnt fully aware of the fact that 95% of the problem is because of the seller. I think he is just nervous I could sue him if my condo depreciates due to this and he cut corners. Dealing with all of this today, what a nightmare.
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Old 08-24-2013, 11:31 AM
 
28,453 posts, read 85,379,084 times
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Even though this does not know sound as messed up, I still would probably nix this unit. The seller was not upfront with you in disclosing the fact that THEY were behind in their HOA fees and subject to litigation. Is the $2400 OK for you to bring to closing? You end up paying for the seller's problem... How big a discount is this unit? I am guessing not enough to deal with this previously undisclosed info...
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Old 08-24-2013, 11:56 AM
 
103 posts, read 225,220 times
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Would the seller not be required to pay that $2400 at closing? I am struggling to get answers from my lawyer
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Old 08-24-2013, 02:18 PM
 
5,046 posts, read 9,622,618 times
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So the current owner owes $2055. So he kept up his...are there individual water bills? He kept up his taxes. He kept up the condition of the interior of his unit. You won't be bothered by bills to this new address dunning the former owner? You won't be bothered by any collector who finds the new phone number for this address and starts calling? You won't be bothered by the collector who shows up at your door or office...legal or not.

There's enough problems in life not known. These are things you can know.
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Old 08-24-2013, 11:06 PM
 
190 posts, read 405,368 times
Reputation: 152
The seller would be required to pay his assessments in order to receive a Paid Assessment Letter from the association. You cannot close without the PAL. This is basically a document stating that the seller id current on assessment and paid thru closing.
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