Who Pays for Special Assessments at Closing in Florida?

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In this tutorial video, we'll go over the standard Florida Realtor purchase contract, the buying process and specifically who is responsible for paying for any special assessments by the condo association at closing.

As you'll see from the Florida standard Realtor contract which we highlight in our video, there is fill-in-the-blank language which determines which party is responsible for paying special assessments at closing, including special assessments owed prior to closing and special assessments owed post-closing. There are also defaults if no selection is chosen which we'll go over.

Remember that special assessments are "one-time" extra monthly charges levied by the condo association, in excess of a unit owner's regular monthly common charges. Typically, these special assessments are for a large project, such as repairing the roof, that are one-time in nature. Keep in mind for larger special assessments, the condo association may opt to divvy them up over several months, so you may have a special assessment levy for multiple months.

As a result, it's possible for the seller to choose to pay for all special assessments prior to closing, but for the buyer to be responsible for all special assessment installments due after closing.

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Hauseit Group LLC, Licensed Real Estate Broker
Tel: (888) 494-8258 | https://www.hauseit.com
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