The unwelcome surprise of a condo special assessment and why the fee is needed

We often welcome things that are special – birthdays, gifts, events. But condominium special assessments? Not so much.  While monthly condo fees are an ordinary part of condo ownership, special assessments represent an unanticipated expense that is levied on all owners to cover an extraordinary and unforeseen problem.  Take the example of a sinkhole. You can’t see the gradual process of underground drainage and soil eroding, and you can’t predict where one will occur or ensure against a surface collapse. But it can’t be ignored if a sinkhole opens and swallows a parking lot or building in a condominium community. It is a problem that every owner in the property association must bear.       Read the article…………..

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