Jay discovered a $100,000 capital assessment looming on a condo he was buying, far more than the $30-40k he expected. His real estate attorney with 35 years of experience negotiated a seller-paid credit at closing that covered it entirely, plus secured five years free from additional assessments.
Chapters
Jay was not the average buyer. He's extremely information-oriented. Him and his wife asked great questions through the process. He went to the management office. He basically went through everything, and what he uncovered was fascinating. What we thought was a $30,000, $40,000 assessment turned out to be a $100,000 assessment over the time for the next wave of work that was coming to this complex. It was a game changer. Because what we ended up ultimately doing with his attorney, Charles— Charles has over 35 years experience in law and real estate. I bring 34 years together, close to 70 years. And then you have Jay coming in with his highly analytical, brilliant, going through all the financials, the bylaws, the capital improvements and a budget. And what he was able to do is basically negotiate a fair, large sum payment at the closing towards the assessment. He got his lender to agree and the association to agree that seller would pay that credit directly at the closing. So his next 5 years living there in that complex has no capital improvement assessment, which was huge.
