Amounts of money required from the co-owners by the syndicate to meet the expenses arising from the maintenance and sometimes the replacement and major repairs related to common portions for restricted use of which they have the use.
Administrative, maintenance, replacement, improvement or alteration expenses of the common portions are divided among the co-owners. General common expenses are to be distinguished from particular common expenses, which are allocated under different rules. In the first case, it is the relative value of each fraction that is used to establish the co-owners contribution. As for special common expenses arising from common portions for restricted use, the co-owners using them are alone responsible of the expenses resulting therefrom.
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.
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.
Three months ago, we were called to the annual general meeting of co-owners during which co-owners were consulted on the budget forecast. However since the AGM, we have not received a notice from the Board detailing the amount of our contribution to our co-ownership’s operating budget.
Questions: Isn’t the syndicate required to send a notice of assessment for common expenses? If so, what should it provide?
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