I am looking to buy a condo in Florida that is going through a short sale. The bank and I agreed on a price of $89,000 and I signed a contract. I was waiting for my closing date when my real estate agent called me and said that the seller has not paid their condo assessments for over a year amounting to $3,000. She also said the seller has no money to pay and the bank refuses to pay that amount. I get the feeling they want me to pay, but we agreed and I signed a contract to $89,000 not $92,000. Do I have any legal action? What are my options?

Does the debt transfer to you when you close? If so, insist the bank/seller pays or back out of the deal. You are right - you agreed to pay 89k. That's what you pay.

If the debt does not transfer to the new owner, ignore it - its not your problem... but be darn sure it doesn't become your problem.

My best advice though - and I am by no means an expert - is to stick to your guns. You are the buyer in a buyers market and are walking around with a very large check in your pocket. If the bank and the seller don't want to deal, walk away. Cause I live in FL too and am buying a home. There is very likely a place next door also for sale, and frankly, everything around here looks the same. :)

Talk you're your realtor. He should be able to better lay out your options. I would *guess* that this falls under a title lien and that is grounds for breaking a contract.

Unpaid lien on title = no mortgage.
Sooo... either paid at close by "someone"
or walk away.