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Condo owner wants to pull out cash from association reserves


Question:

My condo development has condo association dues and the individual buildings vote to establish special assessments or reserve funds for future repairs when deemed necessary. I have paid into a reserve fund for the past 5 years. This fund was established to replace the roof on our building. I am selling my unit and the roof repair has not been done yet. I co-own my unit with an ex-spouse. We have a court order that gave me sole and exclusive use of the unit along with responsibility for the associated bills until the sale of the unit at which time we are to split the proceeds. I am asking to take the $5,000 reserve funds I paid out of the proceeds prior to splitting the proceeds with my ex. because this is my $5,000 of value I have paid for the condo. I can not get my money back from the condo reserve fund. My ex states that I am not intitled to this extra $5,000 because this is just like the association dues or any other bill that I was responsible for while have the sole use and responsibility of the bills associated with the unit. What usually happens to the unused portion of funds paid into an individual building reserve fund, when the unit is sold?


Answers (17)

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