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?