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A special assessment fee is paid by condo owners on top of their usual monthly maintenance fees. According to the report, the condo board approved the special assessment fee based on findings from ...
The liability portion of your HOA’s master policy helps protect you from a special assessment to cover the cost of defending your HOA in court. ... Think of condo insurance and HOA insurance ...
Key takeaways. Increases in homeowners-insurance costs mean that homeowners association fees are on the rise as well. Homeowners may face large one-time special assessments in addition to ...
Other media reported that condominium owners in Ocean City were "grappling with substantial financial obligations" as a result of the law. [47] Some firms predicted that the law could put pressure on housing prices and result in a potential rise in "significant special assessments," large shortfalls for reserves, and result in an influx of ...
Some condo owners facing whopping special assessment fees may have no option but to sell their unit — especially retirees on fixed incomes, or younger Americans who used all their savings to buy ...
Special assessments often require a homeowner-vote if the amount exceeds a prescribed limit established in the association's by-laws. In California, for example, a special assessment can be imposed by a board, without a membership vote, only when the total assessment is five percent or less of the association's annual budget. Therefore, in the ...
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