<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=1061566567187268&amp;ev=PageView&amp;noscript=1">

Who should refund special assessment payment by condo buyer?


stephen polinsky on Sat, Jan 8, 2011 @ 01:16 PM


4 comments

I recently bought a Virginia condo which had a $26k special assessment coming due in 3 separate installments over the next 2 years. On the purchase contract that I put on the condo, the seller agreed to pay the first 2 installments of the assessment out of my mortgage proceeds, which essentially raised my mortgage loan amount. Since I have closed, however, they canceled the special assessment and will be refunding the money back to the people who paid. My question is who gets the money that was paid on behalf of my unit? The seller or myself? This would be very unfair if it went to the seller because my mortgage amount was increased to cover the costs, but it was put on the HUD as coming out of proceeds. Please give me some advice on this matter. Thank you.

4 comments

Leave a comment

Submit Your Condo or HOA Question Now
Free HOA or Condo Association Loan Consultation

Most Popular Blog Posts