What are Common Expense Fees?
These fees may cover insurance, bookkeeping and clerical costs, as well as costs to maintain the property.
Can I withhold maintenance fees if it’s not being done properly?
No. As an owner, you must pay the monthly common expense (maintenance) fees for your condo whether or not you’re happy with maintenance services. If you don’t make your monthly payments, the corporation will automatically have a lien against your property for the amount owing, plus interest and reasonable legal costs. Your corporation must give you 10 days’ notice before registering the certificate of lien on your unit.
The lien can be enforced like a mortgage. In this case, your mortgagee can pay what’s owing and add the amount to your mortgage (as principal). If you don’t pay the arrears, the corporation can sell your unit and collect that amount from the proceeds of the sale.
What is a Special Assessment?
A special assessment – over and above common expense fees – can be charged to an owner to help pay for unexpected major repairs or short falls in the reserve fund. A special assessment must be approved by the condo board.
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Contact the Jeffrey Team for more information - 416-388-1960
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