When you are selling your house what happens to the funds that are there for future painting of your house

When you sell your home remember that the money in your Trust account must STAY with the property per the Declaration of Trust.

Per the *Declaration of Trust, the purpose of the trust has been established for the cost of exterior painting. If there is a positive balance in the Trust account at the time a home is sold, that balance transfers to the new owners, (the Trust Fund stays with the property) Working with your Realtor you can however, use the Trust Fund as a negotiating tool or write something in the sales agreement for what is left in your Trust balance as it impacts your sales price. This is something that you would work out during negotiations of the Sale with your realtor.

If you are selling your house or have questions a good source of information is Ann Higgins; email annohiggins@comcast.net

*Reference: Information Directory, Page 82

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.