Buyer Wilson is purchasing a home in a Texas HOA community. Wilson's agent obtains the resale certificate from the HOA. The certificate shows the seller owes $2,500 in unpaid assessments. What should Wilson's agent advise?
Correct Answer
C) Negotiate with the seller to pay off the unpaid assessments before closing or at closing from proceeds
The buyer's agent should advise Wilson to negotiate with the seller to pay the unpaid assessments before or at closing. Unpaid HOA assessments can become a lien on the property and could become the new owner's responsibility.
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Related Topics & Key Terms
Key Terms:
Related Concepts
Fair housing laws apply to a broad range of activities related to housing, including sale, rental, financing, and advertising.
A seller's disclosure statement is a form that sellers complete to inform buyers about the condition and history of the property, including known defects, past repairs, insurance claims, and environmental issues.
Many states and localities have fair housing laws that expand upon the protections offered by the federal Fair Housing Act.
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