Loss assessment responsibility
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Loss assessment responsibility
Our townhouse complex had hail damage from a storm on 7/28. A loss assessment notification to homeowners was issued on 11/14. We closed on our townhouse on 8/19. Since the damage occurred before the closing, whose responsibility is it to pay the loss assessment – us or the seller?
Asked on November 19, 2016 under Real Estate Law, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
The seller must pay (unless the HOA pays because it is external damage--you need to check who, at this complex, pays for outside damage). Pre-closing, it is the seller's home, not yours; and he is obligated to turn it over to you in the shape it was in when you agreed to buy it, so any damage occuring after you contracted but before closing, he has to fix (or otherwise work out to your satisfaction: e.g. if he does not want to actually to the repairs, he could offer to give you the funds or a credit against the sale price and you might choose to accept that and do the repairs yourself).
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