Buyers of apartments or town houses need to be very careful of money in condominium reserved fund. 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 condominium’s financial statements and the status of the reserved fund. It is important to consider the sufficiency of the condominium reserved fund in order to make an informed decision before purchasing an apartment or town house.
You may contact me for further legal advice.
Note: All postings in this blog are for information only, please consult a lawyer for proper legal advice.