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What is the contingent reserve fund?

April 26, 2017Contingent fund Reserve

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What is the contingent reserve fund?

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All owner accounts are required to maintain a contingent reserve fund. This account, held in your account within the trust account, is to cover any charges that might be incurred when rents do not cover the cost of maintenance. The amount is normally $500.00 but can be more depending on the age and maintenance of the property and what services the owners requests.