What If The Common Charges Increase After a Purchase Contract Has Been Signed?

Chris at Hauseit (https://www.hauseit.com) goes over what happens if the common charges increase after a purchase contract has been signed, but before closing occurs.

Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014.
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What if the comment charges increase after a purchase contract has been signed? In that situation with the standard purchase contract in New York the buyer typically will have no right to cancel the contract; however, if the seller has misstated the amount of the common charges at the time of contract signing and has materially withheld this information then the standard purchase contract has terms for an amount of credit that the seller will give to the buyer: typically 12 times the understated amount so for example a $50 understatement of the common charges will result in a $600 credit to the buyer. Again these terms can be crossed out or negotiated and remember this only covers understatements of the actual common charges prior to the date of contract signing. If you want to learn more check us out at hauseit.com we can show you how to save up to six percent when you sell and up to two percent of more when you buy with a Hauseit Buyer Closing Credit.
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Save money when buying, selling and renting real estate in New York and Florida with Hauseit (https://www.hauseit.com). Available in NYC, Long Island, the Hudson Valley and South Florida. Established 2014.

Hauseit Group LLC, Licensed Real Estate Broker
Tel: +1 (888) 494-8258
Email: team@hauseit.com
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