(EP: 178) March 22nd Flash Briefing -
Winnipeg Real Estate Podcast
English - March 22, 2023 14:21 - 1 minute - 2 MB - ★★★★★ - 3 ratingsInvesting Business Education realestate winnipeg buyingacondo buyingahome sellingacondo sellingahome winnipegrealestate Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
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.