- 08March
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I am buying a condominium. What is a special assessment?
A condominium provides individual ownership of a unit with a fractional interest of the common areas. In terms of maintenance and repairs, you would be responsible for repairing or updating anything that is within your unit and the condominium trust would responsible for updating and repairing the common areas. Common areas may include landscaping, decks, roofs, mechanical systems, water, sewer, etc. It’s important to obtain the condominium master deed, rules and regulations and the current financial statements for a condominium before purchasing it. A good buyer’s agent should be able to obtain this information for you from the sellers. In there you will helpful information as to what are considered to be the common areas that the association is responsible for maintaining. Every association is different and it’s important to know what is covered by the association as a whole. These common areas are typically covered by a monthly condominium fee.
Posted by allyadmin1 Posted on 08 Mar
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