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Title Companies perform a multitude of tasks to ensure a smooth closing for all parties involved. One of those tasks include ordering an HOA/Condo Estoppel asking the association for what the homeowner owes on his or her association account. At the same time of this request, the Title company will also inquire as to whether or not there are any special assessments due or being considered. Should there be a special assessment discovered then it necessary to refer to the contract to see which party is responsible.
Often the issue starts here with the contract where neither party has been designated for responsibility of the assessment. This can be resolved quickly with smaller dollar amounts. However, it can also halt a closing with larger amounts. It is also beneficial to be working with a real estate lawyer in west palm beach that can quickly resolve these matters when they arise.
Agents, buyers, and sellers should be mindful of this from the start of the contract process to avoid delays and prevent a lost sale. One way to prevent it is to have sellers fill out a Seller Property Disclosure. On this form special assessments are covered, and so is your sale. Know that you can ask your Title Company in West Palm Beach for a copy of the Estoppel Form that HOA/Condominium Association filled out.
Working with a Real Estate lawyer who acts as your Title Company allows you piece of mind in the closing process. Though not all closings will be smooth completely, you can rest assured that you have an experienced advocate on your side! Contact Jim Brown at James N Brown PA 561-838-9595