Are assessments in closing costs credited towards HOA Capital Reserve?
Hi, we recently purchased a condo in a newly constructed building, and as part of the closing costs, we paid 2 months of assessments. The builder's attorney said that those were credited towards the capital reserve and does not count towards our monthly HOA payments. Just making sure that is the expected use of those funds?
Also, curious who decides how many months of HOA goes towards the capital reserves?