Special assessment proposed by a condominium board of directors
Did you know that, as a co-owner, you cannot object to a special assessment proposed by the Board of Directors?
Jihane has every reason to be proud: last July, she became a homeowner.
After several years, she finally bought the condominium of her dreams.
It’s a large three-and-a-half-bedroom with a balcony overlooking the city skyline.
Although it’s far from new, Jihan, who’s generally good with her hands, isn’t afraid of the challenge of renovation.
In fact, she has set aside a small budget of $2,500.00 for the job.
Last week, however, she was very surprised to find a notice of meeting in her mailbox.
On the agenda: a budget for a special membership fee.
The very same day, Jihan learned that the cost of the project to replace the building’s carpets would be covered by a special assessment of $1,500.00 for each condo unit.
The Board of Directors maintains that they do not wish to dip into their contingency fund.
Did you know that, as a co-owner, Jihane will not be able to object to the special assessment proposed by the Board of Directors?
In fact, at the general meeting, co-owners do not vote on this budget.
They are simply consulted.
They can ask questions, seek clarification, try to obtain answers or comment on the decision.
However, the final decision rests with the Board of Directors, who may or may not take into account suggestions made at the meeting.
As a result, Jihane will receive a notice of dues of $1,500.00, which must be paid within a given timeframe.
If Jihan and other co-owners are dissatisfied with the decision, they can call a co-owners’ meeting to replace or dismiss one or more members of the Board of Directors.
You should refer to the rules set out in your declaration of co-ownership to find out how to call such a meeting and remove the directors.
If you are faced with such a situation or need advice, you should consult a lawyer.