Breckenridge, CO asked in Real Estate Law for Colorado

Q: Who is responsible for an HOA assessment when selling a condo?

The assessment is not yet "on the books" but has been discussed in HOA meetings

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1 Lawyer Answer
John Roland Lund
John Roland Lund
  • Carbondale, CO
  • Licensed in Colorado

A: This is a material fact which the seller must disclose, even though the assessment may not actually be made until after the closing of a sale. Best to make the buyer aware and negotiate accordingly. If the assessment is for future needs of the HOA, the seller has a pretty good case that the assessment should not affect the sale price. If it relates to prior maintenance expenses or some other historical cost, it is probably more reasonable for the seller to adjust the sales price to account for it.

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