What is a condo special assessment?
What is a Special Assessment?
Hi, Bo Kauffmann of REMAX in Winnipeg here to explain this term.
A special assessment relates to the condominium reserve fund.
When a condominium requires repairs, maintenance or upgrades and there is not enough money in the reserve fund, additional money has to be raised from all condo-owners.
The act of raising this additional money is called a ‘Special Assessment’.
If it is a relatively small sum of money, for example a few hundred dollars, this special assessment is usually collected as a one-time payment.
However larger sums may require an ongoing monthly installment plan, which is added to the owners monthly Condo Fees.
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