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Who pays into working capital fund, buyer or seller?

Started by mccaskey
over 16 years ago
Posts: 9
Member since: Apr 2009
Discussion about
When buying new condo construction, the purchaser typically pays into a working capital fund. But what about on resale? I'm about to buy into a few-year-old building. The management company says I have to contribute to the working capital fund, but language in the standard Contract of Sale says the seller has to cover any payments to the Condominium that arise by reason of the sale. I'm being told, yeah, maybe that's what the contract says, but purchaser always pays this. What's the right answer?
Response by alanhart
over 16 years ago
Posts: 12397
Member since: Feb 2007

lawyer

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Response by mccaskey
over 16 years ago
Posts: 9
Member since: Apr 2009

He's the one who says, yeah, maybe that's what the standard boilerplate contract kind-of says, but that's just not the way it's done.

I'm hoping to find out what people's actual experience is, to confirm his report that that's just not the way it's done.

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