Condo Expenses -Separate Bank Accounts

By
Real Estate Agent with RE/MAX Condos Plus Corporation, Brokerage

 

 

Condo Expenses  -Separate Bank Accounts

 

Condo Corporations have two different types of expenses:

 

1.    There are the OPERATING EXPENSES such as snow removal, general maintenance and other recurring expenses for the up-keep of the property.

and

2.    There are the MAJOR PLANNED EXPENSES. These expenses are pre-planned, and paid for, from the Reserve Fund. Such expanses include the replacement of assets of the corporation and the updating and renovation of the common elements.

 

 

Therefore, the best accounting practice would be to have two separate bank accounts to make it easier to monitor and keep a track of all the expenses.

 

 

Posted by

                                                          ------------------------------------------

Real Estate Agent serving clients for the Toronto Downtown and Toronto Waterfront Area.

Residential and Investment Properties.

Rosalind Nicholas, ACCA,SRS,REALTOR®

e-mail:   Rnicholas@trebnet.com     Tel: 416 918 1972

RE/MAX Condos Plus Corporation, Brokerage, Toronto, ON, Canada.

http://www.youtube.com/watch?v=PMuLzqLe72M&feature=youtu.be

 

 

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Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Rosalind, great advice, and also to make sure there is enough money in case of unexpected expenses! 

Apr 27, 2015 08:50 AM #1
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Rainer
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Rosalind Nicholas

Toronto Condo Real Estate Agent, Toronto ON
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