Four Realities of Condominium Law
- Condominium unit owners often exclusively own and care for the contents of their condominium units from the back of the dry-wall in and they are proportionately responsible for funding the costs of operations and maintenance of the balance of the building structure as a whole.
- Condo fees are applied towards annual maintenance (snow removal, property upkeep, etc.) and “Reserve Fund” projected capital expenses (roof replacement, air conditioning units etc.).
- Every three years a qualified Reserve Fund Planner must perform a reserve fund study and recommend appropriate levels of contributions for future Reserve Fund expenses.
- As buildings age, unanticipated capital expenses can occur and when this happens, each owner must proportionately pay their share of the total cost, often referred to as a “special assessment”.
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