Who Pays Condo Fees In RTO`s?

ClintL

Inspired Forum Member
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Jul 30, 2011
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#1
Just wondering, if a RTO deal involves a condo (or condo townhouse), who usually pays the monthly condo maintenance fees - the buyer/tenant or the investor?
 

Sherilynn

Real Estate Maven
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Oct 22, 2007
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Edmonton
www.qdhomequest.com
#4
I agree, Thomas. That is why I pay the regular condo fees (they are still covered by the rent payment).



I pass along any special assessment expense because often a special assessment will go towards improvements to the complex, so the tenant-buyer will see the benefit of that improvement when they buy.



Also, our RTO clients in single family homes are responsible for repairs, maintenance, and improvements. I realize that this goes against the rules of a standard lease, but an RTO goes beyond a standard lease. Part of the intention of our program is to prepare clients for home ownership.



And frankly, if any of my clients had a problem paying a repair bill it simply means that I accepted the wrong client. If that happened, I would handle it on a case by case basis.