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The Implications of Assessments in the Buying and Selling of a Home

Las implicaciones de las derramas en la compraventa de una vivienda

Assessments approved by the community of owners for repairs or improvements to the common areas of a building can affect the buying and selling of a property and its price. It is important to be aware of and negotiate these assessments, taking into account their amount and whether they add value to the property. But what happens with assessments approved before the sale that were not taken into account in the negotiation? And what happens with an assessment approved after the preliminary contract? In this article, we will provide you with all the details so that you can close your transaction.

The general rule is that the property owner is responsible for paying the assessments of the community of owners. According to the Horizontal Property Law, if you sell a property in a horizontal property regime, the assessments will no longer be your responsibility once you cease to be the owner. On the other hand, if you buy a property under this regime, you will assume the payment of the assessments approved before the sale from the date you become the owner.

In the case where an assessment is pending approval at the time of the sale, the seller must inform the buyer about the terms of the assessment so that it can be taken into account in the price negotiation. It is possible to wait for the meeting in which the assessment will be approved before signing the sales contract.

In situations where an assessment is approved after the price has been negotiated but before the signing of the sales contract, the new owner will be responsible for paying the installments of the assessments approved before the purchase.

It is mandatory to disclose the existence of assessments before a sale, as failing to do so can be considered a hidden defect in the home sale. If the seller did not pay an assessment, it will be their responsibility to pay it, but as buyers, we will be responsible for the ordinary fees or general expenses of the community of owners during the year of the purchase and the previous three years.

At the time of signing before a notary, the certificate of debts with the community of owners must be presented to verify if there are any outstanding assessments. This information is crucial for making informed decisions when buying a home.

Frequently Asked Questions (FAQ):

1. Who is responsible for paying the assessments of the community of owners?
According to the Horizontal Property Law, the property owner is responsible for paying the assessments.

2. When do the assessments cease to be the seller’s responsibility?
When you cease to be the owner of the property, the assessments are no longer your responsibility.

3. If I buy a property under a horizontal property regime, do I have to assume the assessments approved before the sale?
Yes, as the new owner, you will have to assume the payment of the assessments approved before the sale.

4. What happens if there is an assessment pending approval at the time of the sale?
The seller must inform the buyer about the terms of the assessment so that it can be taken into account in the price negotiation.

5. What happens if an assessment is approved after the price negotiation but before the signing of the sales contract?
In this case, the new owner will be responsible for paying the installments of the assessments approved before the purchase.

6. Is it mandatory to disclose the existence of assessments before a sale?
Yes, it is mandatory to disclose the existence of assessments before a sale, as failing to do so can be considered a hidden defect in the home sale.

7. What happens if the seller did not pay an assessment?
If the seller did not pay an assessment, it will be their responsibility to pay it. However, as buyers, we will be responsible for the ordinary fees or general expenses of the community of owners during the year of the purchase and the previous three years.

Suggested Related Links:
– comunidad.com: Reference website about community of owners.
– notariado.org: Official website of notaries, where you can obtain more information about signing sales contracts before a notary.