Post Closing Fees New Jersey (foreclosures, mortgage, mortgage company, sales) - Real Estate -Brokers, appraisals, development, lease, investing, relocation, apartments, houses, condos, values, mortgages, loans... - City-Data Forum

Wibbley_Wobbley · 11-26-2013, 09:50 AM

I settled on a condo very recently and just received a letter in the mail from the title company that I owe some more money. This was a short sale condo and the sellers and their attorney were rushing the close so the HUD-1 was still being finalized right up to close. The letter we received from the title company stated that due to the rush to close, the condo association administrative/processing fees and assessments were not listed on the HUD. I was sent an "invoice" for close to $1000 in condo fees. Do I have an argument that this should not be my responsibility to pay? Should the title company &/or the mortgage company take responsibility for this error? I know there are going to be issues with not paying the fees to the HOA, but I feel this error and the seller's rush to get this closed should not be forced on me.

Any help would be appreciated.

Thanks.

dontaskwhy · 11-26-2013, 10:00 AM

Granted, I am not in NJ and not familiar with their laws/regulations on such matters. I am surprised they are asking you for unpaid condo fees. In my dealings with short sales and foreclosures, the seller (bank and/or owner) is responsible to pay those fees out of the closing. Something sounds a little "fishy". I would talk to the title company and/or an attorney of your own.

Silverfall · 11-26-2013, 10:46 AM

Quote:

Originally Posted by dontaskwhy

Granted, I am not in NJ and not familiar with their laws/regulations on such matters. I am surprised they are asking you for unpaid condo fees. In my dealings with short sales and foreclosures, the seller (bank and/or owner) is responsible to pay those fees out of the closing. Something sounds a little "fishy". I would talk to the title company and/or an attorney of your own.

Out here the bank has to approve the final HUD. Those fees would have been on the initial HUD approved by the bank and they would have covered them as part of the seller paid closing costs. Those aren't fees that a buyer pays out here. Not sure about NJ though.