Disclaimer: The information contained in the Videos and Notes is based on the Alberta legislation unless stated otherwise. Although many of the condominium buyer needs, concerns, and requirements are the same in all jurisdictions, the condominium legislation and terminology is unique to each Province, State and Country.
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SPECIAL LEVIES & CONDOMINIUM
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When a condominium is short in operating funds or fund to complete a major project the Board of Directors have the power to levy an assessment on the owners. This is often referred to as a CASH CALL, a SPECIAL ASSESSMENT, or a SPECIAL LEVY. This video provides insight on how the owners can reduce the need for these cash demands.
In the condominium legislation in Alberta enable ALL condominium Boards to levy an assessment when needed. Refer to the the notes below for the changes to the notification requirements in the Alberta legislation for owners and buyers that is coming into effect January 2020. Notice of any assessment that has been levied on an owner who is selling the Unit is required to be provided to the Buyer.
In the condominium legislation in Alberta enable ALL condominium Boards to levy an assessment when needed. Refer to the the notes below for the changes to the notification requirements in the Alberta legislation for owners and buyers that is coming into effect January 2020. Notice of any assessment that has been levied on an owner who is selling the Unit is required to be provided to the Buyer.