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Will you receive your contribution to the reserve fund back?
Will you receive your contribution to the reserve fund back?
No, you will not receive your contribution to the reserve fund back when you sell your apartment. The reserve fund is linked to the apartment itself and not to you personally.
What exactly is the reserve fund?
The reserve fund is a mandatory savings fund of the Owners Association (Owners Association). It serves to finance future major works on the building, such as:
- Roofing works
- Facade renovation
- Elevator modernization
- Renewal of piping
- Structural repairs
Each co-owner periodically pays a contribution according to their share in the common areas.
Why do you not receive that money back upon sale?
The reserve fund does not belong to individual owners, but to the co-ownership as a whole. When you sell, you also sell your share in the common areas, including the reserve fund.
The accumulated amount therefore remains in the fund and is automatically transferred to the new owner.
Is the reserve fund not settled then?
There is no legal reimbursement via the notary. In practice, the financial situation of the building can influence the selling price.
A well-funded reserve fund can be positive for the buyer, as future works are better financed. Conversely, an empty fund or planned major expenditures can affect the price.
What should the buyer know?
Upon sale, the Property Manager provides the notary with information regarding:
- The status of the reserve fund
- The financial status of the Owners Association
- Any planned or approved works
This way, the buyer knows the financial situation they are entering into.
What is the conclusion?
You will not receive your contribution to the reserve fund back upon the sale of your apartment. The reserve fund remains linked to the apartment and is automatically transferred to the buyer. It is a collective savings fund for the building, not an individual account.
What you put into the reserve fund stays with the building
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