How do I withdraw funds from my building's trust account?
Question:
This question is submitted by Ngoc N. out of Chelsea, MA.
How do I withdraw funds from my building's trust account that were designated for my unit?
When I closed on my condo, I had received $40k from the seller to be deposited into our association account for my unit's benefit. Here's the verbiage from the P and S:
SELLER shall pay $40,000.00 into the condominium association for the benefit of Unit 1 at the time of Closing on the Settlement Statement.
I made it clear to the trustees/owners that this amount is for my unit. This amount is kept in the building's savings account, and the checking account has the building's shared funds. Recently, I made a few purchases for my unit utilizing the checking account (because the debit card is connected to the checking account), then transferred the amount from my savings account to cover those purchases. The treasurer said that this complicates our tax filing steps, and advises against that.
My question is: How do I access these funds to use for my unit then? What steps can I take to withdraw these funds? The original intention was to use those funds to go towards the repair of the retaining wall. I would like to access the left over amount without restrictions.
The two other owners are open to communication. I think they would be amenable to a simple agreement allowing me to withdraw. Wondering if there are issues that I am not foreseeing.
Thoughts?
Answers (18)
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