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It has been my experience that the Title Company usually verifies any and all HOA's and fees tied to the sale of a condo and verifies that in their Title Insurance to the Buyer(s). Additionally sales contracts include a copy of the Condominium HOA covenants which the Buyer(s) must sign having received prior to closing and thus, the disclosure of fees related to the condo. Isn't the Seller protected by the Title Insurance provided to the Buyer?
That is my understanding regardless of MLS listing, real estate agent beliefs/BS, verbal beliefs/promises, etc., but that said, free legal advice is worth what one pays for it....nothing.
Many people, myself included, at closing say I do not care. Just sign and let us get the place. We will "work it out" later. Sometimes the "work it out" later comes with surprises and/or costs.
It sounds like the buyer of the OP's condo only received the condo docs for the major fee. A second package, which should have been presented, was never ordered or disclosed.
I see you state the condo sold, but did it go to closing yet?
Yes it closed 45 days ago. Since this started ive been told that it was not a title company issue it was a disclosure issue that somehow "fell through the cracks". it seems as though everyone is wiping their hands of the issue and laying the blame at my feet.
The MLS fees were listed incorrectly because the listing agent never changed it from when we bought the condo over 4 years ago.
So the buyers are seeking an attorney and I dont know how much they are going to come at us for. I'm hoping that since condo fees go up each year that a reasonable compensation amount would be for us to cover the difference in fees for the next year. Seems reasonable to me, but none of this makes any sense anyway.
Yes it closed 45 days ago. Since this started ive been told that it was not a title company issue it was a disclosure issue that somehow "fell through the cracks". it seems as though everyone is wiping their hands of the issue and laying the blame at my feet.
The MLS fees were listed incorrectly because the listing agent never changed it from when we bought the condo over 4 years ago.
So the buyers are seeking an attorney and I dont know how much they are going to come at us for. I'm hoping that since condo fees go up each year that a reasonable compensation amount would be for us to cover the difference in fees for the next year. Seems reasonable to me, but none of this makes any sense anyway.
Since the other party has retained counsel, the best and really only advice at this point is for you to retain your own counsel as well. It seems like a minor enough issue that it can get worked, but in order to work it out, you are going to need a lawyer to safeguard your interests.
Since the other party has retained counsel, the best and really only advice at this point is for you to retain your own counsel as well. It seems like a minor enough issue that it can get worked, but in order to work it out, you are going to need a lawyer to safeguard your interests.
My advice is wait until you receive some sort of legal notice. They might well not proceed and /or want a quick cash settlement as one poster suggested.
Now if you do have an attorney you might give them a heads up (especially if they do not charge you for listening) but I expect their reply will be thanks and let me know when you receive something.
I do not see it as a real estate agent issue. I see it is a buyer/seller issue.
Off the top of my head I see it more as your issue (you knew what you were paying) and maybe even the HOA BOD for providing "incomplete" documents of sale.
My experience when selling my condo was that the title company verified the total condo fee due with the association along with a release statement acknowledging that the unit is being sold and there are no unpaid fees. This is where the association provide a copy of the "by laws". Where is that process during your home sale?
I've never come across an MLS agent that is sure of the condo fee. They always advise that I call the association to find out the exact amount for the particular unit.
I'm coming a bit late to this discussion, but I'm really struck by the idea that the buyers would contact a lawyer over a difference in fees of $19 A MONTH? That itself seems pretty bizarre. OTOH it also seems like when buying a condo one of the first things you'd ask the seller is how much the monthly fees are. It's hard to imagine how the sale could have gone through without that being asked directly and answered truthfully?
Here that information is in the MLS and the buyer has to sign something to agree to have it put there. It seems to me the best thing to do is ask the buyer how much the fees are before I put the dollar amount on the form they sign. I can't figure out what happened here.
Another thing I can't figure out is why any agent would say words on here like "you definitely need a lawyer". How do you feel confident enough to say that based on the limited knowledge the OP gives you and because you have a real estate license? I wouldn't want to tell someone that yes I know for sure that you should go give a lawyer a bunch of money just because I am unable to answer a question. What if you say that and it turns out you are wrong and the lawyer was no help? Never mind, that is probably a discussion for another thread.
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