Anybody here know Real Estate Law

[lucky charms]

Anyone here familiar with Canadian Real Estate. Can anyone explain what the clause "...seller to be responsible for any assessment or increases in common expenses for the current fiscal year or any other costs or charges relating to unit as disclosed in the certificate..." refers to?

I believe it is a standard condo clause that protects purchasers but just wondered what it actually meant in terms of the seller and their liability.

If anyone knows would appreciate the explanation.

Thanks!

 

[one4u2]

I don't know about canadian law, but here in New York that would mean the seller is responsible for all fees and expenses or increases in maintenance charges for the year.

Assessment is a charge on top of maintenance for a certain period of time to cover common maintenance repairs, etc.. for the condo. It could be for renovations, extra money in the reserve fund etc..

 

[nbcrusader]

one4u2 is correct. For the remainder of the current fiscal year, if the Condo Association (i) imposed an assessment against all owners or (ii) increased the common area expenses - that cost would be passed from buyer to seller.

This is designed to reduce the risk to a buyer of unknown increases in expenses. Fortunately, it only lasts for the remainder of the fiscal year.

Verify the end date of the fiscal year. Usually it is December 31, but it may be different for this particular association.

 

[lucky charms]

that is what I thought but just was wanting to make sure.

Thanks for the info both of you!

Interferencers know about everything - its great.