Hey,I see you have some queries pertaining to corpus funds. Well, let me tell you some things I know about it and help you out. I have been in the real estate industry for quite some time and after speaking with many housing society developers, I came to know almost everything about it. Let us dive in!What is corpus fund in apartments?Corpus fund in apartments or housing societies is a capital fund which is collected by the managing committee of the society or builder for the delivery of timely maintenance and amenities. This is a lump-sum maintenance charge which is separate from the sale amount.This is fairly the corpus fund meaning in real estate.Who will pay corpus fund in resale property?The payment of the corpus fund depends on the bye-laws in your area. For example, I live in Mumbai and the model bye laws suggest that the premium between Rs. 10000 to Rs. 25000 can be charged on transferring the property rights. The buyer of the resale property has the right to demand a copy of bye laws from the housing society or builder along with the financial records to understand the contribution towards corpus fund better.I hope this resolves your concern about what is corpus fund in apartments and who will pay corpus fund in resale property.
As mentioned by Mr. Narayandas, a corpus fund means the amount utilized by the managing committee for the maintenance of cleaning, servicing, light bill, common areas, amenities, etc. The corpus fund is also used for redevelopment purposes. The amount collected from home buyers as pre-payment charges is called a corpus fund. Mostly, the corpus fund is kept in a bank and the interest generated from it is used by the society for maintenance.After the housing society is formed the builder directly transfers the fund to the managing committee. The residents of the society pay a maintenance fee by monthly, quarterly, or annually. The payment method is mainly decided by the members and residents of the society. I hope you can understand corpus fund meaning in real estate.Now, if the members of the society ask for an apartment corpus fund, then you should check if the buyer has paid the corpus before. In most cases, the corpus fund is supposed to be deemed as transferred to the new purchaser. You should check the agreement properly and the clause. If it is mentioned that the new buyer has to pay corpus fund then you need to pay it. If not, then you can file a complaint.Before taking any step you should consult with a lawyer regarding these kinds of matters.Get legal assistance from NoBroker for your next move!I hope you understand what corpus fund means in the resale of property.Read more:What is corpus fund in redevelopment?What Is Corpus Fund?
When you purchase a flat in an apartment complex, there are multiple charges that need to be paid apart from the flat cost.
What is Corpus Fund for flats?
Corpus fund is a capital fund of any society or apartment which is collected by the managing committee of the society or builder for the delivery of timely maintenance and amenities.
This is a lump-sum maintenance charge which is separate from the sale amount.
At the time of the property sale, every buyer of the apartment/ home contributes his share of a predetermined amount, which collectively forms the Corpus Fund.
What is the use of Corpus Fund in apartments?
Corpus Fund is a considerable amount collected from the buyer to take care of expenses over a long period of time during the time of the sale.
Who will pay corpus fund in resale property?
The payment of the corpus fund depends on the bye-laws in your area. Normally, the corpus fund relates to the apartment and not the owner. On resale, the deposit should be deemed as transferred to the new purchaser and there will be no need for any further payment.
Hope you understood Corpus Fund in apartment meaning.
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What is Corpus Fund Meaning in Real Estate?
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Who will pay corpus fund in resale property?
John
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December 31, 2021
2021-12-31T10:57:53+00:00 2022-07-08T19:05:56+00:00Comment
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Resale Property
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