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  • Special Assessment

    Posted by Terry on March 15, 2022 at 9:29 am

    We received this question from a non-member:

    We have been informed that a special assessment fee will be imminent for needed extensive bldg repairs ($50,000 or more/unit). Can you advise me of condo legal specialists or who you think I can get info/advice from?

    Terry replied 8 months, 3 weeks ago 1 Member · 1 Reply
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  • Terry

    Administrator
    March 15, 2022 at 9:34 am

    When I talked with this owner, I said:

    1. There is no point in contacting a lawyer.

    2. The board is responsible for managing the property. They obviously are convinced the work is necessary.

    3. Is there an engineer’s report (Yes, and it was a reputable, well-known company); if people want a second opinion, a condo can always obtain an assessment of the situation from another engineering company, similar to how you would go to a different doctor for an additional medical opinion. The engineers need to explain to all owners why the work is required.

    4. To ease the impact on owners, ask the engineer(s) if the work can be phased.

    5. Has the condo corp considered applying for a loan to distribute the cost over a few years. Many owners would not be able to pay $50,000 or more quickly. Many sources of funds are available, including the chartered banks.

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