Definition : Common expenses (condo fees) - Special assessment

Amounts of money required from the co-owners by the syndicate to pay expenses not provided for (in most cases) in the co-ownership’s annual budget forecast.

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An inescapable clause in most insurance policies, the deductible is an amount an insurer subtracts from the indemnities. The insured, in this case your syndicate of co-ownership, must then assume a portion of the cost of the building's repairs , from its working capital , or by the means of a special assessment (working capital call).
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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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