WHAT IS A SPECIAL ASSESSMENT!

In case you’ve never heard the term, a special assessment is a charge levied by the condo corporation to all the owners of a condominium property in response to a specific need for funds.  It is over and above the monthly fees which all owners pay but each owner’s share is calculated according to the same formula as the monthly fees. It is typically used by a condominium board of directors when the funds available to make major repairs are inadequate.  However, a board of directors has the power to levy an assessment to cover any kind of financial shortfall.  This power is necessary to ensure that the board can keep the building running smoothly for all owners

Martin Darknell

Martin Darknell

Chartered Real Estate Agent
CENTURY 21 PowerRealty.ca
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