Question:
Condo sellers: I recently learned if an owner is paying an association a monthly maintenance fee AND a separate monthly assessment, when you go to sell, you can merely add them both and disclose that TOTAL as a monthly fee on bottom of page 3 of the Ohio disclosure statement.
If a buyer accepts that figure without checking with the association secretary for accuracy or to determine if there is a hidden assessment in that figure, the buyer is by law obligated to pay it.
The title company is not liable if they don't discover it due to their errors, omissions, exclusions, exemptions even if a buyer/seller has title insurance as it is an "unrecorded assessment."
Isn't the seller obligated to disclose the details of an assessment in the disclosure form? This seems sneaky to me, but is this legal?
Answers (0)
What are your thoughts on this topic? Please share your answers below. We ask that you remain respectful of each other, and be advised that responses are monitored.