This topic contains 3 replies, has 4 voices, and was last updated by  LindaHFL 7 years, 4 months ago.

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  • #13942

    Slicster
    Participant

    Hello All,
    I would need some help regarding the sale of my condo from almost a year ago.

    We recently received a letter from the new owners requesting that we pay fees for expenses that existed during our ownership period. We were willing to pay these fees but after I reviewed all the documents they sent us and comparing them with the documents we had during our ownership, these fees already existed and were budgeted into our condo fees. In other words, they had this information that showed all these expenses during the sale. Except that now their Condo Association Management Company has revised the budgets and are requesting certain things be paid immediately instead of on a budgeted timeline as originally planned during our ownership. Hopefully I am clear. I don’t see why I would need to pay these expenses now since they new these expenses existed at the sale. Any information would be greatly appreciated.

    -Nick

    #14190

    jmalone
    Moderator

    Hi Nick,

    I doubt anyone will answer your question, unless they are an attorney. This is a Notary Board and we are trained not to give opinions or advise. Your unique situation should be directed to a Real Estate Attorney. I’m sure others here can also point you in the right direction for answers. Good luck with your dilemma.

    #14191

    Paul Pitt
    Participant

    As a R.E. Broker (Cal.DRE) I will respond (not as an attorney). It is all whatever you agree to (and only what you agree to)(and in writing). So many buyers/sellers choose their agent for all the wrong reasons (never ask a thing about their capabilities). Unfortunately many agents do not understand the C.A.R. forms they are required to use or required disclosures (one of the biggest reason WHY there has been a mortgage disaster). Even well educated people will sign ANYTHING and never what it is they just signed. (they get annoyed if you try to explain them) The majority of home buyers never questioned (and don not know) how the ARM (adjustable rate mortgage) is adjusted or indexed. They are totally unaware about prepayment penalties. Even when warned (both verbally and in writing) they ignore warnings. (the majority: perhaps 99%). There are so many required disclosures and yet time-after-time they pay no attention to disclosures or warnings. They heed the gossip from relatives and co-workers. Small wonder there is such a nationwide crisis in the real estate economy.

    #14192

    LindaHFL
    Participant

    @slicster wrote:

    Hello All,
    I would need some help regarding the sale of my condo from almost a year ago.

    We recently received a letter from the new owners requesting that we pay fees for expenses that existed during our ownership period. We were willing to pay these fees but after I reviewed all the documents they sent us and comparing them with the documents we had during our ownership, these fees already existed and were budgeted into our condo fees. In other words, they had this information that showed all these expenses during the sale. Except that now their Condo Association Management Company has revised the budgets and are requesting certain things be paid immediately instead of on a budgeted timeline as originally planned during our ownership. Hopefully I am clear. I don’t see why I would need to pay these expenses now since they new these expenses existed at the sale. Any information would be greatly appreciated.

    -Nick

    Hopefully you had an attorney represent you in the sale of the condo. Hopefully you have copies of your documents, including the HUD, showing the final adjustments made for condo fees. Hopefully you should have a copy of the Grant Deed (or whatever it is in your state) showing that the condo was conveyed subject to “assessments and pending assessments” as of XX date which buyers assume and agree to pay, and also subject to the rules and regulations of the Condo Association.

    I would suggest you turn to the attorney who represented you in the sale and, if none, I’d suggest you consult a real estate attorney about this. I did real estate closings in Connecticut for 25 years – from a CT point of view I don’t see how they can prevail but I know all states are different, especially California. Your best best is to consult an attorney.

    JMO and good luck.

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