Buyers of apartments or town houses need to be very careful of money in condo reserved fund (公寓/城市屋 儲備基金). Why? Because if there are not enough money in the reserved fund to complete existing renovation, maintenance, repair, or other projects, then the new owners may be responsible for short fall in these expenses.
Experts can be retained to review the condo’s financial statements and the status of the reserved fund. It is important to consider the sufficiency of the condo reserved fund in order to make an informed decision before purchasing an apartment or town house.
You may contact me for further legal advices.
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Note: All postings in this blog are for information only, please consult a lawyer for proper legal advices.
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