Q: In condo documents related to settlement who is the "Owner?"
I'm purchasing a condominium in Baltimore and the closing agent has setup the HUD-1 to collect "working capital" from the buyer. But the words in condo docs state:
"In addition, each Owner of a Residential Unit or Commercial Unit (other than the Developer or the Master Association) shall pay at settlement of his Unit a working capital amount equal to the sum of two (2) months of the applicable assessment to the Council, to be used by the Council."
I read that as the "Owner" AT settlement is the seller, not the purchaser, who is the owner AFTER settlement.
So which party is the "Owner"?
A: You'll need to have a real estate attorney review the relevant documentation to give you a proper answer.
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