Prepaid Condo Fee Reimbursement

If you are purchasing a condo and the seller prepaid their condo maintenance fees, you will have to reimburse them at closing. For example, if the sale closes on April 1 and the fees have been paid until June 30, you will have to reimburse the seller for the fees that would have been due during those 3 months. This amount will be added to the Statement of Adjustments.

Prepaid Utilities Reimbursement

If the seller has prepaid any utilities, such as gas, hydro, oil or water, you will have to reimburse them for anything from the closing date to the date they’ve paid up until. This amount will also be added to the Statement of Adjustments.