Condo Q&A

Can association require capital contributions for buyers at closing?

Written by CondoAssociation.com | Mon, Aug 2, 2021 @ 12:46 PM

Can a condo association require when selling a unit that the buyer must pay a capital contribution at closing of $1,500 as a non-refundable contribution paid by the buyer going into a special account to fund capital improvements and/or repairs. This is not in our docs but could be added to the sales application. Is anyone doing this?