getting forced to pay a capital contribution and a reserve contribution (real estate, condo)

[prettypleaseplease]

hi. i'm new here and i'm not sure if i'm in the right forum but i have no one to ask this.

my condo i'm moving into is charging me for two contributions for the same amount. i'm so confused. i have never heard of TWO contributions.

is this normal? the $ is three times the monthly HOA.

1. One time non-refundable, non-transferable Capital Contribution for working capital in the amount of $1,388.61

2. A SEPARATE CHECK for a one-time non-refundable, non-transferable Contribution for Reserves for Deferred Maintenance and Replacement of Common Elements in the amount of $1,388.61

[Goldendoodle1969]

Originally Posted by prettypleaseplease

hi. i'm new here and i'm not sure if i'm in the right forum but i have no one to ask this.

my condo i'm moving into is charging me for two contributions for the same amount. i'm so confused. i have never heard of TWO contributions.

is this normal? the $ is three times the monthly HOA.

1. One time non-refundable, non-transferable Capital Contribution for working capital in the amount of $1,388.61

2. A SEPARATE CHECK for a one-time non-refundable, non-transferable Contribution for Reserves for Deferred Maintenance and Replacement of Common Elements in the amount of $1,388.61

you should ask in the real estate forum but a condo building with a strong capital reserve is a very good thing. Too many people go into condo buildings and don't look at the financials of the building. Then after a year in the building the elevators need to be replaced and they are trying to figure out how they are going to cover their portion of the assessment.

[prettypleaseplease]

thanks! i think i did post in the wrong forum. haha. i was more confused because they are asking for TWO different kind of contributions versus one.