Did not get full disclosure on monthly HOA when I offer the contract.

Asked over 4 years ago - Los Angeles, CA

I'm currently under escrow and estimate to close on 12/03/09. Couple days ago, I found out that the $345 monthly HOA included a $60 Special Assessment, which expires Dec 2011. This Special Assessment began back to Dec 2006 when the developer was sued for some construction problem and the short fall settlement fee was levied to each unit. The owner of the property I offered decided to pay this fee monthly for 60 months instead of pay upfront the fee. This is a short-sale and I refused to take over this Special Assessement since it happened back to 2006 when I wasn't even there. My agent said that I agree to the $345 HOA when I submited the offer. When I submitted the offer, I assumed the $345 is a regular assessment. My agent shoud research/inform of these disclosures. Am I wrong in this?

Attorney answers (3)

  1. Steven Alan Fink

    Contributor Level 20

    Answered . If the agent was familiar with the HOA they might have known about it. However, you had the opportunity to read the minutes of the HOA and look at the financials, but you obviously did not or you would have found this. You are talking about $1440. Tell the agent you will split it with them.

    The response given is not intended to create, nor does it create an ongoing duty to respond to questions. The response does not form an attorney-client relationship, nor is it intended to be anything other than the educated opinion of the author. It should not be relied upon as legal advice. The response given is based upon the limited facts provided by the person asking the question. To the extent additional or different facts exist, the response might possibly change.

  2. Michael Bernard Rover

    Contributor Level 9

    Answered . If you haven'tclosed yet, you have not been damaged. Depending upon the terms of the Purchase & Sale Agreement, you have the right to demand that the seller pay the special assessment or you may cancel the contract and receive a refund of your deposit.

    Attention: This response is based upon general legal theories and may or may not specifically address issues that affect your individual legal matter or situation. It should not be relied upon outside of the jurisdiction(s) in which the attorney is licensed to practice as each state has different laws. Each situation is fact specific and requires comprehensive legal evaluation following a thorough consultation and review of all the facts and evidence available. This response does not create an attorney-client relationship between the asking and answering parties.

  3. Kenneth Evan Chyten

    Contributor Level 14

    Answered . If you knew the HOA fees were $345 per month, how have you been damaged?

    You knew the HOA fee would be $345 when you signed the purchase agreement, and that is what you will have to pay.

    PLEASE NOTE THAT THIS RESPONSE SHOULD NOT BE CONSTRUED AS A LEGAL OPINION OR ADVISE, AND DOES NOT CREATE AN ATTORNEY-CLIENT RELATIONSHIP. IN ORDER TO RENDER A LEGAL OPINION OR ADVISE, THE RESPONDING ATTORNEY WOULD NEED FAR MORE INFORMATION THAN HAS BEEN PROVIDED, AND WOULD NEED TO BE RETAINED PURSUANT TO A WRITTEN FEE AGREEMENT.

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