What Is a Condo Special Assessment?

Save 2% When You Buy: https://www.hauseit.com/buyer-closing-credit/

In this tutorial, we'll go over what a condo special assessment is, when they might be levied by the condo board, and whether it has to be paid all at once.

We'll explain the difference between a condo special assessment vs a regular monthly common charge or HoA assessment.

As you'll see, a condo special assessment is really meant to be a one-time levy by the condo board for a major project, such as a facade repair, that is meant to be one-time and non-recurring.

While the special assessment itself may be broken up into smaller payments over a few months, the special assessment is for a fixed amount and not meant to be a permanent, continuing, monthly charge.

This is often quite advantageous for potential sellers as they'll be able to advertise the lower, regular common charges without having to include the special assessment in the figure. Of course, this doesn't mean the buyer won't find out about the special assessment during the inspection or diligence period, and we recommend sellers being upfront about any special assessments in place.

We'll also go over who pays for special assessments at closing, and how the contract specifies responsibility for current special assessments, and any special assessment installments post-closing.

Save 6% When You Sell: https://www.hauseit.com/agent-assisted-fsbo/
.
.
Hauseit Group LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
_
#hauseit #hauseitmiami #hauseitflorida