What does a “condition of purchaser’s obligation to close title” mean?
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What does a “condition of purchaser’s obligation to close title” mean?
Seller, which is a bank, is trying to have me pay for unpaid HOA fees on the property I’m trying to buy. This section of my contract says that any violation of the condominum bylaws, rules and regulations must be cured. Sounds to me like they need to take care of this.
Asked on November 26, 2011 under Real Estate Law, New York
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
From what you have written, it sounds as though you are purchasing a condominium from the bank that obtained title to it after it foreclosed upon the loan to the prior owner. Either the prior owner of the property or the bank itself failed to pay association fees and dues assessed against the property either on a monthly basis or a special assessment.
The bank is trying to have you pay these unpaid dues and assessmants as a condition of closing escrow and that is what the term "condition of purchaser's obligation to close title" means.
I would hold my grounds and make the bank pay these unpaid HOA fees as a condition of your purchase.
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