If you are a condominium owner, or are looking to purchase a condo this video is for you.
The assessment discussed in this video is not finalized so we don't know exactly how this situation will play out. However, the severity of this example only serves to make the points made in the video above.
As an owner or potential seller of a condominium in Northern Virginia, or anywhere else for that matter, you ought to be on top of the potential changes happening in your community and how they may effect you or your ability to sell. The folks impacted by this particular issue will have an extraordinarily difficult time selling their units until the issue is resolved. I have to assume some legal battles will ensue, which could stretch this issue out for quite some time.
For a buyer of a condo in Northern Virginia you want to be sure to review your condominium disclosure documents in great detail with your agent. As I mentioned in the video, this issue will not show up on the front page of the disclosure packet until the special assessment parameters are finalized. So, if you had an offer on one of these units and never looked any deeper than the posted violations and active special assessments, you would not know that you could be on the hook for $50,000 down the road. If you do find something of this nature within the documents do not panic, once you receive them you have three days to look them over. If during those three days you find something that does not sit well you then have the right to void the entire contract.
For owners and potential buyers alike, please know that this example is BEYOND extreme, and again, we do not know what the final outcome will be. Typically you are looking at much more manageable assessments, but as either a seller or a buyer you want to know about them early in the transaction.
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