Why do special assessments occur?
A condominium may have a major leak in a roof that requires thousands of dollars to repair or a major mechanical system like a boiler may fail and need to be replaced. When an unexpected event occurs the condominium trust may need to raise money quickly in order to fix the issue. The association may not have the resources available or the necessary credit to have it fixed. Unexpected events or poor planning do occur and sometimes the best way to generate the capital it is through a special assessment.Posted by allyadmin1 Posted on 23 May
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