“Pending” vs. “Assessed” vs. “Payable” vs. “Levied” . . . Huh?!?

Best Advice to Home Sellers: “Tell What You Know” (Whatever That Is)

[Note to Readers: The views expressed here are solely those of Ross Kaplan, and do not represent Edina Realty, Berkshire Hathaway, or any other entity referenced.  If you need legal advice, please consult an attorney.]

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 . . .



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