As a condominium owner, you may become due for a special assessment whenever the home owner association's existing maintenance reserve falls short of covering the management and maintenance costs for the commonhold property. Such expenditures are usually paid with the condominium fee collected. Yet the regular maintenance assessments may not always suffice to pay for major repair work. Specifically, a special assessment may be occasioned by the repair of major or unexpected damages to the building, non-payment of condominium fees, or a too tightly calculated budget.
The amount of the special assessment depends on the estimated costs for the measure at hand. The special assessment is deemed a supplementary budget and presupposes a favourable majority vote by the meeting of owners.
Whether Prior to an Acquisition...
Even ahead of an acquisition, the Accentro Real Estate Encyclopaedia offers interesting facts and decision guidance: We will coach you through the first steps on your path to homeownership. For instance, it provides information on the process flow of a condominium purchase. It will also tell you what sort of documents you need in order to buy property, and where to obtain them.
... or after – Our Real Estate Encyclopaedia Provides the Answers You Need
Once you have bought a property, you may wonder who is going to manage your condo and how. After all, caretaking your property is one of your main obligations as a condominium owner. In addition to numerous tips and suggestions, you will find answers here to many questions involving the property management subject, such as: What does “individual freehold ownership” mean? What exactly do “condominium regulations” govern? And what does the term “condominium fee” imply? In addition, we elaborate subtle differences between terms such as “real estate management” and “corporate real estate management.”
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