Can I back out of buying a condo if its HOA fees are increased before closing?
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Can I back out of buying a condo if its HOA fees are increased before closing?
I made an offer on a condo with a $0 HOA fee listed. This is a new construction and it’s the first time being sold. The builder/seller had not set a HOA fee or created a HOA. The condo documents allude to an HOA, but since both units of the condo are still builder/seller-owned there is no HOA. The HOA and it’s fees were recently set, and it has increased my estimated monthly mortgage to an uncomfortable level. I am scheduled to close in 2 weeks, but I’d like to know if I can back out since the terms (addition of a HOA and fees) have changed.
Asked on March 21, 2012 under Real Estate Law, Texas
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
It really depends on how your contract reads and I think that it is time to take it to an attorney to review You could have addeed a clause to the original contract being that the fee issue was outstanding to allow you an "out" but with out reading the contract itself it is hard to know if you can now do anything Good luck.
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