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  1. #1
    Join Date
    Jan 2011
    Posts
    1

    Default Buying a REO - Who is Liable for Past Due Assessments

    My question involves a condominium located in the State of: florida
    I am looking into buying a condo owned by a bank, in the contract they have the following stipulation: "Homeowners association assessments: Seller shall not be responsible for any homeowner's association assessments that accrued prior to the date Seller acquired the property". According to FS 718.116, it seems that we will be required to pay any past due assessments within 30 days of closing and the bank will only be liable for up to 1 year of assessments. Can we be held liable for assessments prior to our purchase date? how can we be protected when buying a REO?

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Buying a REO - Who is Liable for Past Due Assessments

    If you agree with the seller that the seller is not liable for past assessments, you should expect to pay them. Take that into consideration when negotiating your purchase price.

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