Definition : Insurance - Unpaid common expenses insurance (condo fees)

Insurance to cover the co-owners’ failure to pay common expenses (condo fees) when their private portion becomes temporarily uninhabitable following a loss. This guarantee indemnifies the syndicate of co-owners under reserve that the said loss is covered under the insurance policy. It is usually covered under a separate guarantee.

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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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