Does the condominium association have a reserve fund?
A reserve fund is established for all the condominium associations managed by Bruner Realty. The reserve fund is set up to provide a large sum of money to be used for any further repairs deemed necessary by the condominium association. Every buyer will contribute money into the reserve fund at closing (an amount equal to the sum of two months of condo fees). The seller also contributes $300.00 into the reserve fund for every condo sold. Many developers do not set up a reserve fund to protect the association, but this is something Bruner Realty is adamant about setting up so condominium associations do not experience financial strain upon completion of the communities.
