Surprise Assesment Fee

This is a due diligence question you need to ask the managing agent before signing the contract.

your broker and/or attorney should have asked

Isn't finding out about this part of the due diligence your attorney is supposed to undertake on our behalf? I would talk to him/her immediately.

Turns out when I signed the contract the assessment was not in place. It's for facade work and roof work. In one way I'm glad they are doing it as it'll make the building look nicer but in the other hand, ugh, bad timing I guess?
The assessment as announced in February and I had signed a contract in January.

In that case, it is clearly your responsibility. Assessments are to be expected in a coop and typically announced after the annual meeting in late Jan or early Feb.

Your due diligence should have uncovered the plans for the upcoming facade and roof work.

300 for 2300 is a very small assessment. This is to be expected in a coop periodically unless the coop keeps on borrowing more or has a big flip tax with lot of sales.

Your attorney should've checked the minutes from recent board meetings. Perhaps this should've been uncovered in doing so...

Did you go solo / unrepresented? This is a basic question even your buyer's agent should have asked. Then your attorney could have uncovered by going through the board minutes to find out about upcoming work.

Next time I would make sure you work with a top rated buyer's agent (plus get a rebate from their commission via Hauseit) so you're not flying blind!

Yes, I had a buyers agent from Halstead and my attorney. It appears both did not check this out. I'm a little annoyed but I suppose there is nothing I can do abotu this now?

Well, you could ask one or both of them to cough up some $$$ by reducing their fee. I guess the question is whether, had you known, you would have pulled out of the deal. If not, then I guess it is all academic as to whether or nor you knew in advance. Very annoying though. I would definitely quiz them about why it was not disclosed make a bit of a think about it. These people get by on reputation, so they are keen to avoid having disgruntled clients.

Seasy, If the assessment was announced after you contract signing, no one is to blame. Such is life in any building including condo. Minutes of coops are typically very sparse and it does not have to show up there.

Did the seller know it was in the works? Should they have disclosed it? Should your attorney have found this in the minutes during due diligence (either the upcoming work specifically, or more generally low reserves hence probable assessments)?

Maybe, but that's all quite academic. As a practical matter, I'd say it can't hurt to ask the question, and see how far you get with putting up a mild but polite fuss about this. It's quote possible that by this point, after the application and board interview, the seller, their broker and attorney are all so sick of each other and the entire process that they'll throw you a bone just to get the whole thing over and done with asap.

Seasy, What would your have done if the coop decided to increase the maintenance at the board meeting after you signed the contract? Go back to the seller or try to find some one to blame? If I were to be the seller, I would simply say - do you want to close or do you want to lose your deposit? I suspect that you would close right away.

Thanks all for the input.

I guess there is really nothing that can be done. I signed the contract before the assessment was announced so if I were the seller I would be like, sorry buddy.

My lawyer did mention that in the contract there was a part that read the seller was obligated "to serve on me any material notices sent to her by the COOP during the pendency of the contract, and specifically defined “material” as including notices of assessments. "
The seller did not do this. I don't think that will carry much weight .

We only found out via the closing bill which I'm not sure serves as notice? It doesn't even say what the assessment is for. We had to ask management . It just said "assessment through 2017"

Wondering if it's worth fighting. At the end of the day, the 5k at the end of the year is not much considering the alternative which is losing 175k on a deposit (which is not an option).

2 days till closing and I can finally get this over with (until renovations when I'll be freaking out over other things).

Its not worth fighting with the seller. Enjoy your new home! Only thing I would do is see if I could take a gander at the minutes during the closing and see if it was in there. If so, at least then you can gripe to your lawyer about not doing his or her diligence.

Your attorney should have discovered this during the pre-contract signing due diligence process.