Tagged : Special Assessments

Found 1 blog entry tagged as "Special Assessments".

edonton downtown view from the south

A special assessment or levy, as some prefer to call it, is a financial contribution which is voted on by the condominium board and payable by the condo unit owner to the condominium corporation in one lump sum or spread out over certain time (example: by monthly or quarterly installments). In most of the cases, the special assessment is levied on the top of the condo fees by currently elected board which presides over all the decision making, including maintenance of the registered property. To be on the condo board, you need to be an owner and elected member by other owners during annual general meeting. Many condo boards choose to hire a professional management company to run day-to-day operations including the financial aspect of the corporation.

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