Hello, I'm planning on buying a condo at Newarks sherriff sale...but when I did my research, I noticed that the property has thousands of unpaid HOA fees...I keep getting mixed reviews, some say I would only pay 6 months , others say I'm responsible for all HOA fees...
Anyone have any insight?...if I don't have to pay the HOA fees then it would be a good deal.
I would consult a attorney. There could be liens against the title that were not dismissed with the sale.
I would get in touch with the HOA
I think they are entitled to 6 months back pay. However, HOAs, as you may know, make their own rules, albeit not legally sounds, and can still hold the new owner responsible. You should contact the HOA or prepare for a legal battle.
I would get a payoff statement from them in writing. Plus also check with your attorney and Title Company. Did you get a title search done?
In South Jersey and Philadelphia those would be wiped. I am not sure on the Newark stuff, but I am guessing they would get wiped. Check with the sheriff.
@Matt Faircloth - Any chance you have come across this issue and can answer?
@Joe marella, I've tried reaching the HOA but have been unable to speak with them to determine what I would owe..
I haven't done a title search yet but will do one before the auction.
What is a payoff statement?