Special Assessments & Reserve Funds

The article discusses the concept of Special Assessments in the condominium community and highlights their significance in maintaining a well-functioning Condominium Corporation. While careful planning and good oversight can reduce the likelihood of Special Assessments, unforeseen circumstances may still necessitate them. The tragic Surfside Florida condominium collapse serves as a reminder of the crucial role of Board Members in making executive decisions for the safety and well-being of the community. When facing major Special Assessments, the article suggests setting firm deadlines, educating owners through communication and town hall meetings, and trusting the chosen team and decision-making process. Board members strive to do what is best for the entire Corporation, and owners are encouraged to seek clarification and facts before opposing Special Assessments to maintain harmony and progress within the condominium corporation.