Special assessments are commonly used to pay for unexpected repairs and replacements occasioned by unforeseen, and often catastrophic events, such as a roof replacement after a wind/hailstorm where insurance proceeds are insufficient to cover the costs, or to pay for an elevator replacement when a condominium building’s only elevator unexpectedly fails. Once you have decidedGo to Resource
Financial Resources
When a property is set for a closing, the title company handling the closing will request a status letter from the management company or board. The status letter contains quite a bit of information, including telling the title company how much of the profits from the sale should be withheld to pay the balance dueGo to Resource
What is a special assessment? A special assessment is an assessment that is not contemplated in an association’s budget for the fiscal year and is therefore over and above the regular assessments imposed in accordance with an association’s budget. One reason for imposition of special assessments is to pay for unexpected repairs and replacements occasionedGo to Resource
Unfortunately, we continue to see major increases to insurance premiums in Colorado, and for some communities, insurance has become practically unaffordable. In fact, it is no longer unusual to see annual premiums ranging between $600,000 and $800,000 for some associations, with no sign of relief in the near future. So, what are associations to doGo to Resource
It has been said many times that assessments are the ‘life-blood’ of an association. With costs rising for everything from pool chemicals and light bulbs, to snow removal, the adage continues to hold as true as ever in 2023. Just like the rest of us, associations are not immune to rising costs and cannot provideGo to Resource