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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 ...
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 ...
In the meantime, the community’s townhouse owners hope that postponing the vote may give them more time to gain some insight into why the special assessment fee is so high.
Condo owners unable to pay an assessment can be foreclosed on by their condo association. She considered selling, but the assessment was driving down property values in the building.
An owner controlled insurance program (OCIP) is an insurance policy held by a property owner during the construction or renovation of a property, which is typically designed to cover virtually all liability and loss arising from the construction project (subject to the usual exclusions).
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 ...
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