Is seller responsible for paying a assessment fee that wasn’t disclosed in contract
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Is seller responsible for paying a assessment fee that wasn’t disclosed in contract
We bought a condo and found out later that there is an assessment for 8,500
dollars for structural foundation problems in all condos.
The seller did not disclose this in contract and claims he did not know about it.
I know he did not know of final assessment but it was going on for a few years so
he had to of known it was pending. There is even documentation from inspector
that his home was inspected at the time he was living there. He keeps denying.
Are they responsible to pay?
Asked on October 28, 2016 under Real Estate Law, New Jersey
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 7 years ago | Contributor
It doesn't matter if the fee was "pending": if had been going on for a few years but he hadn't yet himself had the assessment, which you indicate ("I know he did not know of final assessment"), then he did not have a duty to disclose a potential fee, of unknown size, that could evidently still have been held in abeyance for some time yet (if it had been going for years, it could have "gone on" for years more before finalizing). He did not have sufficient knowledge of an actual material (important) issue as to hold him liable for his failure to disclose.
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