Partywall Management Status
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THIS PROPERTY IS NOT PART OF A HOMEOWNERS ASSOCIATION (HOA). THIS PROPERTY IS GOVERNED BY A PARTYWALL AGREEMENT OR TOWNHOME DECLARATION, WHICH IS RECORDED BY THE CITY AND COUNTY OF DENVER.
Estimated Monthly Expenses: RedT bills the homeowners on a monthly basis for reimbursement (in arrears) of services provided plus flat management fee. Costs fluctuate based on actual incurred expenses. Estimated common area budget available upon request to firstname.lastname@example.org
Required Reserve: Equal to 25% of estimated annual expenses. RedT holds reserves on behalf of the homeowners in the working capital account used to pay for community expenses. Reserve is fully refundable upon sale of the property, assuming no outstanding balances on seller account and buyer has replaced required reserve in full.
Insurance: There is NO blanket/master insurance policy in place for this community. Homeowners are generally expected to purchase full coverage policy. Refer to recorded Partywall Agreement/Townhome Declaration for exact requirements.
Common Areas: There is NO common area associated with this community. All land and improvements are owned by the individual owner of any given parcel. There are no shared amenities, including but not limited to a clubhouse or swimming pool.
*Because reimbursement expenses are billed in arrears, and monthly invoices for the previous billing period are available on the 1st of each month, the seller may be responsible for full or partial invoices which may not become available until AFTER the closing date. Since monthly costs fluctuate, RedT cannot advise as to the exact amount that should be collected from the seller at closing to account for all expenses incurred prior to the closing date. RedT will continue to bill the seller directly until all expenses incurred prior to the closing date have been paid in full. RedT will prorate charges between the buyer and the seller based on the closing date if necessary. As soon as the monthly bill reflects that the buyer is fully responsible for all incurred expenses, the seller’s required reserve will be refunded to the seller by RedT, less any outstanding balances, assuming that the buyer has replaced the required reserve.