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What is this assessment noted in the disclosures?

January 6, 2011

Dear Andrea, What is this assessment noted in the disclosures?

New Milford, CT real estate talk.

New Milford CT real estate talkWhen looking at condo’s or properties located in private communities, there is the possibility of an assessment existing. These assessments are put on communities and condo’s to pay for work needed over and above the routine. For instance, perhaps the condo complex needs all new roofs, or windows. Or in the case of a private community clients of mine were interested in all new water pipes were to be installed. Each home owner was going to be “assessed” approximately $1,500 which was to be spread out over a 12 month period of time. Each home owner was going to have to pay around $125 per month to the association, over and above any other normal monthly payments.

Many times these assessments will be paid for by the seller prior to the sale. Other times the buyer will assume the assessment. It is very important that we know up front about any existing assessment prior to making an offer. Some times the owner has already stated that they will or will not be paying the assessment, other times it is negotiated.

The bottom line, when you are looking to purchase a condo or a house in a private community, always check with the association as well as the home  owner to make sure there are no current assessments in place, that if there are the seller is current with assessment payments. Also, checking to see if there are any planned assessments coming up.

Tune in for more New Milford, CT real estate talk!

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