(EP: 178) March 22nd Flash Briefing -

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.

 

For a deeper discussion on this and other real estate topics, check out my blog at boknows.homes/blog or scan this code.