Special Assessments are generally not popular with owners, they are an extra one-time charge added proportionally to all owners common expenses that corporations generally used to cover a large singular expense.
How long do condo owners have to pay these assessments?
Special assessments form part of the common expenses in the same way as condo fees, an automatic lien arises as soon as an owner defaults in their obligation to pay common expenses, which means payment is not made when required. This lien expires three months after the default, and corporations must give an owner at least 10 days notice before registering the certificate of lien, which is what ultimately puts the lien on the property. It’s best to pay common expenses when they are due, and failing that and in the worst case, within the ten days after receiving the notice.
