|Re: Special Assesments||<– Date –> <– Thread –>|
|From: John Carver (jcarverislandnet.com)|
|Date: Thu, 5 Sep 2013 10:53:24 -0700 (PDT)|
For special assessments you need to consult state law, which will be very specific about how to do it. For instance, here in BC the amount each owner pays is determined by 'unit entitlement', the same formula that is used to set strata fees (ie HOA dues). And the debt does remain with the property if it is sold before the debt is paid.
If you are able to borrow, as Sharon suggests, the effect is to pass the debt down to future owners, so a consideration might be what the money is for. A major improvement is a benefit to future owners, so paying over time makes sense. But if it's for a big maintenance/repair job that you should have been saving for over the last 20 years, maybe not.
John Carver Pacific Gardens Cohousing Community Nanaimo, BC http://pacificgardens.ca/ On 2013/09/05 06:17, thea hensel wrote:
We also have need for a much larger pool of money; needed to cover a substantial reconstruction. We have to asses each unit a substantial amount and wonder if any co housing community has done this? We arelocated in California and state rules may differ but we'd like to attach the assessment to the unit so it can pass from one owner to another if aunit is sold.
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