Who doI go after if my condo fees do not match the closing documents?
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Who doI go after if my condo fees do not match the closing documents?
I just purchased my 1st condo and just found out that my condo fee is $10 more than what was stated on the purchase and sales agreement and on the closing documents. I tried to contact the sales broker but I got nowhere. My mortgage term is 30 years so I believe that I should get at least 30 years worth of condo fee difference which amounts to over $3000. Could you advise me how I need to go about this?
Asked on November 3, 2010 under Real Estate Law, Massachusetts
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 13 years ago | Contributor
It's possible you could--if the condo doesn't voluntarily adjust the fee, rendering the issue moot--sue the seller and/or the realtor for fraud (misrepresentation) in the contract. It is very likely NOT worth it, however. What you could get is much less than $3,000, since amounts owed to you in the future will be "reduced to present value"--they will be reduced in amount to reflect the fact that $10 tomorrow is worth less than $10 today. In addition, to a large extent, the fees are speculative, since it's an open question whether you will be there for 30 years, regardless of the length of the mortgage. It is probable that your actual recovery would be around half what you think it is, and it's questionable whether that is worth the expense and trouble of a lawsuit.
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