Four Realities of Condominium Law

  1. 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.
  2. Condo fees are applied towards annual maintenance (snow removal, property upkeep, etc.) and “Reserve Fund” projected capital expenses (roof replacement, air conditioning units etc.).
  3. 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.
  4. 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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