K.K. from Windham County writes:
Dear Mister Condo,
Is it a state requirement to charge 2 month’s condo fees at closing or is it up to the developer to determine whether to charge one, two or no fees at closing?
Mister Condo replies:
K.K., I am not aware of any requirement for a developer to charge any fee at closing although I do know it is a common practice. I wanted to be sure I gave you the best answer possible so I checked with an attorney who specializes in community association law and he had this to say:
“State law does not require any such fee. In fact, state law doesn’t have much to say about this at all except to follow whatever the documents say. If a purchaser fee is disclosed in the public offering statement to be paid to the developer or in the declaration to be paid to the association, the method for calculating that fee is explained, and the overall fee is generally reasonable, then that is the fee which must be paid.”
Hope that helps!