Many communities impose a capital contribution (sometimes called an initiation fee) on new owners. This is a one-time, nonrefundable fee paid by the buyer at closing. These fees usually go into a special account used to fund capital improvements and repairs in the community. Both Fla. Stat. §720.308(6) and §720.308(4)(b), prohibit a developer from using any part of the assessments designated for capital contribution funds to pay for operating expenses. Read the article……………………………
Related Post
May 8, 2024
April 23, 2024
Comments are closed.