Best Advice to Home Sellers: “Tell What You Know”
Homeowners can be forgiven for not knowing the difference between a special assessment that’s “pending,” vs. one’s that “levied” ” as opposed to one that is assessed and currently payable.
Realtors have trouble keeping those terms straight as well.
The best advice to give prospective home sellers regarding any pending special assessments ” typically in connection with such things as new curbs, sidewalks, sewers, etc. ” is simply to tell prospective Buyers what they know, as they know it.
Then, all the parties and professionals involved in the deal ” and especially the title folks, who are expert in such issues ” can sort it out.
Just as with the Seller’s Disclosure (concerning the home’s condition), no one ever got sued for over-disclosing.
Does the seller have to agree to pay a pending, non levied, undetermined amount and start date of pending assessment before closing? Two notices from the city in 2017 explained an upcoming “pending” assessment possibly in 2021. I don’t remember receiving them and am accused of hiding it from buyers. Because they are pending and not levied, no bids are taking place. I believe because its so far out the owners living in the home at the time it’s finalized would be responsible. The city has confirmed at this time it is pending, no date, no bids, or no amount has been determined at this time.