Can owners keep their portion of the Condo Reserve Fund?
This question comes up every now and then. As a condo owner sells his unit, they receive a copy of their Condo Documents, which among other things, clearly shows their portion of the Reserve Fund in the condo corporation. So naturally, they sometimes ask: Do we get to keep that money?
Alternatively, condo buyers will ask:”Do we need to come up with this amount and put it into the Reserve Fund once we take possession of our new condo?
This 3 min. video gives the answer:
If you’re in the market to buy or sell a condo in Winnipeg, call or e-mail me for a free consultation.
Bo Kauffmann 333-2202
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