Home Buying in 53188>Question Details

kejinhp, Home Owner in Waukesha, WI

Can a condo association charge a fee of 3-5% of the purchase price of a unit as a way to build reserve funds?

Asked by kejinhp, Waukesha, WI Mon May 13, 2013

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Hi, In NY we have many condos that require a few months common charge donation at closing to go towards the reserve funds. I think it's ridiculous....

0 votes Thank Flag Link Mon May 13, 2013
While I have never seen that happen, I am sure it can if the HOA documents have it written in and in effect in the condo. Normally a condo just requests all owners to "pony up" funds equally if they need it. I would look into it and ask to see it in writing.
0 votes Thank Flag Link Mon May 13, 2013
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