Question:
I am the principal trustee of a condo trust association. My building only has three units. We do not have a lot of money, in terms of condo fees. I was wondering if you have any information or advice as to how to go about financing roof repair if an when we need repair done. Thank you.
– Melissa
Answer:
Consider imposing a special assessment to finance roof repairs in your condo association. This special assessment shall be paid by the members of the association, i.e. the unit owners. Make sure to check your governing documents to confirm that your condo association can charge a special assessment in the first place.
Moving forward, it is a good idea to include maintenance and repair costs in your annual budget. That way, you can collect sufficient condo fees to cover such expenses. It is also wise to set up a reserve fund for the cost of major repairs or replacements in the future.
Here are some resources you may find helpful:
Disclaimer: We are not lawyers. The information provided on this website does not constitute legal advice.
