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Unfortunately, during the life of a condominium building, some unexpected or sudden expenses are going to arise for which the association must take steps to fulfill its obligations to the membership. In the event that the operating budget cannot handle these expenses and there is an absence of a funded reserve account, it is likely that a special assessment will need to be levied.
There is a proper channel for levying special assessments. In case the condominium association fail to follow the Florida Condo Special Assessment Rules, there can be reprecussions. It is thus essential that board members are aware of certain provisions of the Condominium act with which the attorneys at Woodstock Law Firm can help you. We have the knowledge and experience required to guide you through the legal necessities, so you are safe from any legal and financial repercussions.
A special assessment becomes the responsibility of whoever owns the condo on the date the assessment is approved by the condo board. It then requires the seller to pay off the entire assessment before closing; otherwise, the burden might shift to the buyer.
When buying condos for sale in Florida, it is imperative for a real estate lawyer to review your real estate contract at the beginning, or you could be the one paying for the assessment on the premise that the contract was signed without a condominium rider directing the seller to pay the assessment at or before closing and the seller is off the hook. Whatever the terms of the agreement, the contract must specify who should pay for the condominium assessments at closing.
You can contact the lawyers at Woodstock Law Firm, who will guide you accordingly so that you get a deal you are aware of and are able to fulfill.
At Woodstock Law Firm, P.A., we pride ourselves in delivering the best outcome possible for our clients legal needs. Contact us now to request a free consultation!
Real Estate transactions, Estate Planning, Landlord Tenant, or Condominium Issues in Florida could benefit from hiring our Firm.