There is a section in the Declaration of a Condo that would outline the proportionate share each unit has of the common interest of the condo, usually indicated as a percentage, and each unit owner would be charged that amount of the total. So for example, if you had a condo with 20 units and each held exactly 5% of the common interest, they would each pay 5% of the total special assessment levied (which itself can be charged monthly, twice a year, etc). It's the same way regular monthly condo fees are split as well, fyi!
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what is the formula, or calculation, for figuring out what each unit will pay in a special assessment?
There is a section in the Declaration of a Condo that would outline the proportionate share each unit has of the common interest of the condo, usually indicated as a percentage, and each unit owner would be charged that amount of the total. So for example, if you had a condo with 20 units and each held exactly 5% of the common interest, they would each pay 5% of the total special assessment levied (which itself can be charged monthly, twice a year, etc). It's the same way regular monthly condo fees are split as well, fyi!
Can special assessments be issued to refurbish garbage room. It is non emergency
Morning. Not that I’ve heard of. Is that happening for you?
@@ChamberlainGroup Yes!Garbage Shed Refurbishment. There is no emergency situation in the shed!
We are in Calgary.