Quote:
Originally Posted by jaydorn
I’m paraphrasing a bit here, but during the assessment our previous place went through we also had an AGM & the typical board nominations. The lawyer that was on the project made of point of saying “This assessment is already on the books, so I need to warn anyone thinking of running for the board and cancelling the work you would be legally obligated to have the work completed at this point.”
I know at one point one of the owners (not on the board) was trying to get the work cancelled and all mention of the assessment removed from board minutes… they were also advised that was illegal.
I’m not a lawyer and I’ve since sold that unit, but I advise anyone thinking of buying a condo to go in assume there 100% WILL be assessments at one point or another. It might be $5k, it might be $50k, either way property breaks down, and requires expensive repairs over it’s lifetime.
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I guess on the flip side then, if you’re looking at a condo and want to know if there is possibly a special assessment in the future, there might not be a lot to go by?