Posted on: 21st Dec, 2009 12:43 pm
I have a condo and the association fees are past due 28 months. Bank of America want me to rent the condo and see if we can sell it. My question is if someone makes an offer on the condo will they be responsible for the back Assoication fees? I was told that they can only get 3 month or 6 months by law!!. This condo was in my husbands name I am only on the deed. He passed away 3 years ago.
Hi evelyn_roig,
The new buyer of the property will want you to clear off the late association fees. If you do not so, the new buyers can also cancel the deal. I would suggest you to contact the association and check out if they can give you a payment plan to clear off the dues.
Thanks
The new buyer of the property will want you to clear off the late association fees. If you do not so, the new buyers can also cancel the deal. I would suggest you to contact the association and check out if they can give you a payment plan to clear off the dues.
Thanks
26,000.00 is the amount owed. If a person buys the condo would the condo accept less. I also heard that they legally can only charge 6 months. Is this true?
that 6 month rule applies to foreclosed units, i believe. you remain the owner of record, and that $26K is still owed. can you negotiate? well, yes, you can certainly try to do so.
no buyer would be subject to overdue fees at the time of purchase. the fees don't follow the home, they follow the owner.
no buyer would be subject to overdue fees at the time of purchase. the fees don't follow the home, they follow the owner.
and when you think about it, $26K is a powerful lot of money to owe for association dues. what in the world is that assocation thinking? they should have begun a foreclosure action thousands of dollars ago!
There are 30 apartments that are in the same boat.