Definition : Common expenses (condo fees) - Special assessment

Amount of money assessed to all co-owners by the syndicate of co-owners, to deal with expenses that were unforeseen in the (annual) budget forecast of the co-ownership. These assessments are often related with work that need to be undertaken by the syndicate, without being able to use the contingency fund, either on account the nature of the work, or of a contingency fund shortfall.

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Almost every insurance policy includes deductibles, in varying amounts according to the insured risk (e.g. fire and water damage). In co-ownerships, deductibles are a factor in the Building insurance, and in the third party liability insurance of the syndicate, directors, general meeting officers, co-ownership manager (gérant) and of the condo manager (gestionnaire). Regarding co-owner’s insurance, generally each home insurance policy contains one or more deductibles for various amounts according with the nature of the loss.  
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Before purchasing the apartment of your dreams, find out the status of the expenses (condo fees) of the apartment owing by the vendor, as you will have to pay the arrears once you become the owner of the apartment.
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Common expenses or “condo fees”; you will have to pay them once you become an co-owner. They are an important element to consider before your purchase.
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9 juin 2010- Vous avez acheté un condo à Francisco, propriétaire qui a converti son triplex en copropriété divise. Ce propriétaire habite au rez-de-chaussée où sont situées les entrées d’eau des trois (3) condos. Dès le départ, les relations sont houleuses puisqu’il ne paie pas ses frais de condo et n’entretient pas son unité.
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