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In this instance, the 22.1 disclosure should clearly state not just the monthly charge per the payment plan, but fully disclose the remaining balance (or payoff amount) of the special assessment. 9(g) of the Act, the REO buyer may be obligated to pay up to six months of pre-foreclosure assessments and attorneys’ fees. Free non disclosure form pdf. An accurate disclosure is also very important for bank-owned condominium units. Otherwise, and if the special assessment is not paid off at closing, the buyer may not realize until after closing that he/she has assumed this continuing financial obligation. It is the writer’s experience that the association sometimes mistakenly omits this buyer financial obligation from the 22.1 disclosure, and only later provides this calculation on the paid assessment letter.

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