Condo Culture: Is the declarant responsible to pay budget shortfall in our new condo?
Q: We are a new condominium corporation that has just completed our first year audited financial statements. The actual amount of money spent in the first year of operating our condo corporation exceeds the amount that was budgeted by the builder. Is he responsible to reimburse our corporation for this underestimated budget regarding the first year of operations? Read the Q&A………..