Do we ask the condo owners for the money upfront or do we get a bank loan?

Q We are short of funds in our reserve fund account. Either we levy a special assessment of $2,000 per unit or get a bank loan. Would it be within the authority of the board of directors to get a bank loan without consulting the owners? We realize that a special assessment would cause a little hardship to several of the owners, so we feel that a loan would be a better option.   Read the article………….


Related Articles

Condo Smarts: How to amend a rental disclosure statement

Our strata corporation recently discussed voting to amend the rental disclosure statement

Yellowknife’s (NT) Northlands Trailer Park (condo) owners to start paying back sewer loan

The final phase of the water and sewer saga at Yellowknife’s Northlands Trailer Park is about to begin as residents

Condo culture: Crime Watch an affordable, effective crime-fighting tool

Q. We are a small condominium community noticing some recent vandalism since the warmer weather is approaching. We cannot afford