Nobody Likes A Disclosure Surprise

May 14th, 2013 Written By

Shock

We always tell our clients to expect the unexpected during the time from when they have an executed contract up to the actual ink on the closing documents. Invariably, there is always something that comes up, and sometimes it is important information that is best dealt with at the beginning of the contract negotiations, not after the contract is executed.

A condo deal that we are working on right now is one of these cases. All parties agreed to a fair price. The property inspection went very well. The buyer is already in the process of getting a mortgage and getting approved by the Condo Association. Lot’s of time and some money has been invested by all parties. Closing is scheduled for the end of June. Sounds nice and smooth right? What could go wrong?

The building has just begun extensive renovation work that was funded from a Special Assessment of all units and paid for by the Seller in this case. The issue that has arisen is that the work being done by the Association necessitates the removal of tiles and the hurricane shutters from the balconies of this property, and then it is the “owners” responsibility to replace the tiles and put back the hurricane shutters if they so desire. Which owner? the current owner or the possible new owner? The buyer is asking for a credit from the seller at closing to pay for this work to return the unit to the same condition that it was in when the contract was executed.

There moral of this story is that whether you are selling or buying, if you work with an experienced Realtor who has been through many potential issues, the likelihood of a surprise can be minimized. We advise all of our Sellers to Disclose, Disclose, Disclose as early as possible. We also advise all of our Buyers to ask as many questions as they need to, until they are comfortable. This is one of the reasons we have been so successful and have many repeat clients.

Let us know how we can help you.

We know the numbers and track the Brickell real estate market.  If you would like to schedule a buyer or seller consultation, please feel free to contact us at 305-960-5317 or send us a note here. 

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