Action of distributing between the buyer and the seller the sums that the seller paid before the sale transaction, in relation to municipal and school taxes, common expenses (condo fees), etc., and whose payment benefits the buyer according to the date agreed between the parties for the transfer of the private part. The same shall apply to sums which have not yet been invoiced to the vendor but for which he is responsible for payment. For example, if the sale of the apartment was concluded during the year, but the municipal taxes have not been paid, the vendor must remit to the purchaser the portion corresponding to the period of the year during which he owned the apartment.
Question: We have accumulated significant sums for the repair of the roof, which is to take place in ten years. As part of the sale of my apartment, can I ask the buyer or the syndicate for a refund of the contributions I have paid to the contingency fund?
Login / Register to read this article
The final step in the purchase of your apartment is the signing of the deed of sale. As soon as all the prior conditions of the sale are satisfied, the vendor must transfer the property upon the payment of the price.
Before purchasing the apartment of your dreams, find out the status of the expenses (condo fees) of the apartment owing by the vendor, as you will have to pay the arrears once you become the owner of the apartment.