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Home COFSAB Forum Finances Special Assessment Reply To: Special Assessment

  • 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.