When selling a divided co-ownership, it is necessary to take into account the common expenses (the "condo fees") and proceed to the calculation of the adjustments between the seller and the purchaser.
Let us take back once again our example of a sale which takes place on May, 15th. The seller will normally have paid the "condo fees" at the beginning of the month for a month which counts 31 days. As owner, he will be responsible for the "condo fees" for the period going as from May, 1st until May, 14th, being 14 days.
The purchaser, him, will be responsible for paying these "condo fees" to the syndicate of co-owners for the period going as from May, 15th until May 31st, being 17 days.
The parties will calculate what will be the "condo fees" per day by using the monthly cost of these "condo fees" as a basis of calculation. It will be enough then to multiply this sum per day by 14 days for the seller and 17 days for the purchaser.
It is important to note here that the contributions made by the seller to the contingency fund of the syndicate of co-owners are not the subject of adjustments.
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