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HOW TO MANAGE SPECIAL ASSESSMENTS
Author:
CondoGenie
Publication date:
Article Summary:
The article discusses the challenges faced by condo boards in dealing with special assessments, which can be assessed for either Operating or Reserve Fund expenses. The article highlights that underfunded Reserve Funds are usually the result of condominium fees not being raised to meet actual needs, and deferred maintenance can lead to the need for a special assessment. When faced with large fee increases, board members need to communicate effectively with owners to get buy-in and make informed decisions. The article suggests several steps, including determining the scope of the work, getting advice from professionals, informing owners, keeping them updated, and dealing with defaulters.
Keywords:
Condominium, Special Assessments, operating expenses, Reserve Fund expenses, Board, legal mandate, underfunded Reserve Fund, deferred maintenance, condition assessments, condominium fees, cost of running Corporation,
Source Citation:
CondoGenie
HOW TO MANAGE SPECIAL ASSESSMENTS
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