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(EP: 178) March 22nd Flash Briefing -
Manage episode 358671539 series 1019681
What is a Special Assessment?
Hi, Bo Kauffmann of REMAX in Winnipeg here to explain this term.
A special assessment relates to the condominium reserve fund.
When a condominium requires repairs, maintenance or upgrades and there is not enough money in the reserve fund, additional money has to be raised from all condo-owners.
The act of raising this additional money is called a ‘Special Assessment’.
If it is a relatively small sum of money, for example a few hundred dollars, this special assessment is usually collected as a one-time payment.
However larger sums may require an ongoing monthly installment plan, which is added to the owners monthly Condo Fees.
For a deeper discussion on this and other real estate topics, check out my blog at boknows.homes/blog or scan this code.
99 episodes
Manage episode 358671539 series 1019681
What is a Special Assessment?
Hi, Bo Kauffmann of REMAX in Winnipeg here to explain this term.
A special assessment relates to the condominium reserve fund.
When a condominium requires repairs, maintenance or upgrades and there is not enough money in the reserve fund, additional money has to be raised from all condo-owners.
The act of raising this additional money is called a ‘Special Assessment’.
If it is a relatively small sum of money, for example a few hundred dollars, this special assessment is usually collected as a one-time payment.
However larger sums may require an ongoing monthly installment plan, which is added to the owners monthly Condo Fees.
For a deeper discussion on this and other real estate topics, check out my blog at boknows.homes/blog or scan this code.
99 episodes
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