Major Expenses can Result in Special Assessements by Associations

by Francine D'Elia Wirsching on February 11, 2010

Major snow events equate to major expenses for homeowners living in a community development; and unfortunately, there may not be enough money in the coffer to pay for the salting, de-icing, and snow removal.Special Assessments are not uncommon when major storms hit; therefore, make sure when you are purchasing a property that is a CONDO or a PUD (Homeowners’ Association) that you speak directly with the association manager the day of closing if not at the time of closing (start calling the day before) and get in writing any outstanding dues and in particular, ask when the next meeting is to occurr and if any special assessments have already been voted upon.

Your title insurance professional may be doing this service for you but don’t leave this important task to chance.  Start the dialogue with your real estate agent and the seller if your settlement is pending.

If you have yet to sign the Agreement of Sale, pay particular attention to the clause relating to special assessments.   Discuss with your real estate agent or attorney how to best protect yourself against special assessments not yet voted upon but which are anticipated to cover expenses incurred prior to your ownership.

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