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Thread: What if on possession day your lawyer tells you that there is a special assessment??

  1. #1
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    Default What if on possession day your lawyer tells you that there is a special assessment??

    Hi guys I recently bought a foreclosure condo.

    What happens:

    On my possession day (today) my lawyer tells me that there is a $5000 special assessment that she just found out and I need to pay it regardless because I don't have time to do anything.

    The special assessment was owed by the previous owner but he lost the condo to the bank, and now I have to pay it.

    (My lawyer told me there is no where on the contract said I need to pay any kind special assessment owed by the previous owner, however, since I'm the new owner and I'm smaller than the Bank, I need to pay it, otherwise there will be a lot sh!t coming to me)

    am i being fooled?
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    Its the lawyers job to provide this information to you, along with the realator before the sale is closed. (It is what you PAY them for)

    That could be a breach and allow you to walk away from the whole deal.


    I would definatly re-read everything.

    Im sure some of the realtors / legal guys on here can elaborate.
    Last edited by Alterac; 10-15-2009 at 10:23 PM.

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    Thanks Alterac, my lawyer was keeping telling me that the bank's lawyer did not forward all the necessary document to her until the last minute...
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    Sounds like bullshit. Good luck.

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    thats fucking garbage, I would investigate further for sure...

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    This is a tough case for you.

    In all reality your real estate agent should've suggested to research the condo documents before you make the purchase.

    It is NOT the lawyers job to find out if there is a special assessment.

    It is your due dilligence to research and the due dilligence of the real estate agent to suggest getting copies of the condo documents.

    In any situation regarding condo's, always have a condo document review company file through the condo docs and review with you in laymans terms all the points of the docs.

    I feel shitty for you, but you were ill advised to enter a purchase agreement without reviewing condo documents. Unless you were advised to obtain them, but neglected assuming there isn't a special assessment; the fault still lays on you.

    you pay the lawyer to transfer title and make sure all moneys are dispursed to the correct people; and follow the terms of the purchase contract.

    Again there is no-where in the standard purchase contract saying that you don't aquire special assessment debts against the property - the street is gray and goes 2 ways
    Last edited by barmanjay; 10-15-2009 at 11:16 PM.
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    Don't take any bullshit from your lawyer. It is clearly his job to find out everything before you dealt with this. If he still insists, perhaps it's time to get a new lawyer to fight this bullshit. Goodluck to you.

    Edit after reading barmanjay's post:

    That's real shitty, I thought the lawyer did a lot more than just make sure everyone gets paid, including himself.
    Last edited by JordanAndrew; 10-15-2009 at 11:16 PM.

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    Originally posted by JordanAndrew


    Don't take any bullshit from your lawyer. It is clearly his job to find out everything before you dealt with this. If he still insists, perhaps it's time to get a new lawyer to fight this bullshit. Goodluck to you.

    Edit after reading barmanjay's post:

    That's real shitty, I thought the lawyer did a lot more than just make sure everyone gets paid, including himself.
    The lawyer is a woman.

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    being a real estate lawyer isn't a tough one, but you can't have a mortgage transferred from a lender without a lawyer to go to.

    The consumer is now stuck between a rock and a hard place.
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    Can he walk from the deal though?

    Originally posted by teamPRO


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    What if the special assessment was issued a few days prior to close? Not much you can do there.

    Do you know when it came out?

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    This is why condocheck exists, and why everyone should use it for any condo purchase.
    I used them and I found out early about some special assesments, inadequate reserve funds etc early enough that it was no hassle to walk away from the deal.
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    Originally posted by revelations
    What if the special assessment was issued a few days prior to close? Not much you can do there.

    Do you know when it came out?
    the special assessment was issued before the purchasing date. My lawyer said "if in the normal case the seller has to pay, but your case is special, and you have to follow the special rule..."

    I don't know if i can trust my own lawyer anymore, she sounds just want me to pay and close the case and get her payment.
    Last edited by oz388; 10-16-2009 at 07:47 AM.
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    To the OP.

    From my perspective -- It's not at all the lawyer's fault UNLESS you specifically asked her to, and paid her for a review of the condo documents when you first considered the property -- BEFORE you closed the deal.

    Reviewing and understanding the condo documents was YOUR responsibility BEFORE you closed the deal and agreed to the conditions -- one of which was adherence to the condo documents.

    You are likely SOL.

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    I still think the bank has to pay the special assesment.

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    If the special assessment was dated more than 90 days prior to close, and no one has made payments, there would likely be a lien on the property, which wouldve shown up on the title.

    If it was 30-60 days, and no payments have been made, there might also be penalties in addition to the special assessment.

    I would contact the property mgmt co and ask about payments. You dont necessarily have to drop 5000$ all at once. We have an owner in our condo BLDG who is paying 100$ a month on a 3000$ fine.

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    Proper review of the condo documents would have shown a pending assessment. If you had purchased from a seller (as opposed to the bank or court) the lawyer's would not be able to transfer a clear title from Seller to Buyer because the outstanding Assessment would have shown up on the Estoppel Certificate. In order for the Estoppel to be clear (as stated in the Purchase Contract) the Seller would have to pay out the Assessment. In the case of a foreclosure, you probably signed an Addendum or Schedule which removed certain parts of the contract. Generally, this clause is one of them. Unfortunately, there is a few extra steps one needs to take in order to prudently facilitate a purchase from any lender, court, etc because of their "special circumstance" sales.

    I'm not sure if you reviewed any condo documents before removing conditions or if you were aware what was in the Addendum/Schedule you would have signed, I'm not familiar enough with the situation to assess blame on anyone. Its most likely a shared blame situation. Regardless, its really unfortunate, I feel for ya.

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    Isn't there a section on the sales agreement that the seller has to disclose anything like this?

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    Looks like you missed out on some research.

    If you buy from the bank and agree to their terms of sale then they can sell you any property with any caveats on it.

    If you've already purchased it and signed everything you are now in possession of those caveats and liens.

    private sales usually are lien and caveat free because that is the agreed upon terms. You never see a private sale of a home as is where is no docs provided.

    Getting an estoppel costs money usually about 200 bucks and that would have been all you needed to learn about any liens. Lawyers can advise but it is not their job to research your property for you. Private sellers usually absorb this cost as any interested parties will usually ask for it and instead of having x many ppl paying 200 each they do it once and show you a copy to help facilitate a happy sale. Banks could careless whether your experience is good or not (this is reflected in the price usually).

    OP.. it sucks but you'll probably have to assume the caveats and liens on the title. But since it's a bank deal you probably got a good price on it anyways so... Live and Learn.
    Last edited by cmodem; 10-16-2009 at 02:03 PM.

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    the lawyer just wants more money. find a different one, if you paid him by credit card dispute charges.

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