Be Aware of Any Assessments!
New streets, sidewalks, condo facades and pool decks. We all may agree the end result is beautiful! We may not agree on who, when, and how these assessments should be paid. Buyers should take note of a few points when making a purchase!
First, when buying a single family home, know that any assessment amount shown on taxes is usually the annual payment, not the full balance owed.
Second, most assessments for single family homes must be paid in full at time of sale. Who pays for this? Typically, the seller but it is becoming more of a negotiated term.
Third, in townhome/condo scenarios, we are seeing more and more city-funded assessments that cannot be paid in full at time of sale. This can be a 15 or 20-year assessment, some as high as $40,000, that must be assumed by the buyer.
Finally, each situation will be different and what a buyer or seller is willing to accept will vary. Knowing the facts will help in making an informed decision!