Cherry Home Shores Road Assessment | Who Pays a Special Assessment When a Home Sells?

13 Oct 2025 · 2 min

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1:46

In this concise explanatory video, the speaker addresses common questions from Cherry Home property owners about how a proposed 10‑year road special assessment is handled if the property is sold before the assessment term ends. He outlines the provisions of the Aspire North buy‑and‑sell agreement: the seller must pay any assessment installments that are due on or before the closing date, while the buyer assumes responsibility for all future installments unless the parties mutually agree in writing to a different arrangement. The speaker likens this to the proration of property taxes at closing, emphasizing that each party pays only for the period they own the home. He illustrates the scenario with an example of an 8‑year remaining assessment and invites viewers to schedule a consultation for a detailed breakdown of the assessment’s impact on property value and future sales.

Chapters

A lot of property owners in Cherry Homes have been asking me how an upcoming road assessment would be handled if you sell your property before that proposed 10-year term is up. Well, let's clear that up today. Here's the simple version. When you sell your property, the contract spells out exactly how these assessments are divided. According to the Aspire North buy and sell agreement, the seller is responsible for any installments that are due and payable on or before the date of closing. The buyer then takes on all those future installments, unless of course both parties agree to something else in writing. They agree to something different. Think of it like your property taxes. At closing, taxes are prorated between the buyer and seller so that each party only pays for the time that they owned the property. Assessments work in the same way. Seller covers what's due up to the date of closing. Buyer takes over the the responsibility for payment after that. So if you've got 8 years left on your road assessment and you sell your home this summer, you'll pay only the installments due before closing. The new owner then picks up the rest going forward, again, unless you agree to something different in writing. Hey, I know this stuff can sound complicated, but that's why I'm here. If you'd like a more detailed breakdown of what this upcoming assessment means for your property value, or for a future sale, let's set up a time for a quick call. You can use the link in the description below to grab a time with me directly. Otherwise, I will see you in the next video.