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Condo Fee Obligations

Author: 
Toronto Condo News
Publication date:
April 24, 2020
Article Summary: 

Paying condo fees is a fundamental obligation for condo owners, essential for the financial health of the condominium corporation and the maintenance of common areas. Failure to pay fees can lead to negative impacts on property resale prices and the overall community infrastructure. Every dollar collected from condo fees is allocated towards community maintenance. Condo owners cannot choose to withhold fee payments, as it burdens other owners and mortgage holders. Condo corporations have extensive powers to collect outstanding fees, including the ability to register a lien against the property.

Keywords: 

Condo fees, Common expenses, Financial obligations, Infrastructure maintenance, Property resale prices, Arrears, Condo owners, Condo corporations, Lien, Financial health.

Source Citation: 
Toronto Condo News
Condo Fee Obligations
April 24, 2020
https://tocondonews.com/archives/condo-fee-obligations/
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