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Accepted an offer to purchase after paying special

Customer Question
Accepted an offer to...

Accepted an offer to purchase after paying special assessment and disclosing this to buyer. New special assessment has arisen after accepting offer but before closing. Who is liable for this assessment?

Lawyer's Assistant: What steps have been taken so far? Has any paperwork been prepared or filed?

Just an offer & acceptance.

Lawyer's Assistant: Where is the property located?

Topsail Beach, NC

Submitted: 3 months ago.Category: Real Estate Law
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Answered in 4 minutes by:
4/3/2018
Real Estate Lawyer: Lucy, Esq., Lawyer replied 3 months ago
Lucy, Esq.
Lucy, Esq., Lawyer
Category: Real Estate Law
Satisfied Customers: 32,264
Experience: JA Mentor
Verified

Hi,

I'm Lucy, and I'd be happy to answer your questions today.

The contract often says who is responsible for paying these amounts. When it doesn't, typically, the seller would pay assessments for work performed before the closing and the buyer would pay assessments for work that will be performed after they take ownership. That's because only the buyer benefits from the assessments done after the title transfers. You are free to negotiate any other arrangement, but that's what you're looking at - when is the assessment due, versus when you're finding out about it? What is the assessment for, and who is going to benefit?

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Customer reply replied 3 months ago
The assessment will be due & work done after the title transfers. Buyer will benefit for dock replacement. However it has been passed by the Association and I, the Seller know about it.
Real Estate Lawyer: Lucy, Esq., Lawyer replied 3 months ago

The buyer is going to be responsible. You do have to tell them about the assessment now that you're aware of it.

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Real Estate Lawyer: Lucy, Esq., Lawyer replied 3 months ago

Do you have any other questions about this?

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The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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