• Real Estate Q&A: Who Pays Balance of Special Assessment if Property Is Sold?

    2 days ago - By RIS Media

    Q: Our association will be remodeling the clubhouse, and there will be a significant assessment. We will have the option to pay off the amount in one lump sum or over 10 years. If I sell while paying off the assessment, am I responsible for paying the balance, or does the new owner take over the payments? - Asher
    A: Many communities have aged to a point where significant renovations must be done to ensure residents live with safe and well-maintained buildings and amenities.
    As any homeowner can tell you, items need to be repaired and replaced over time, and it is expensive to do so.
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