Special Assessments in Condos
Welcome to the World of Calgary Condos for Sale
Step into the world of Calgary condos for sale, where things can sometimes get a little tricky, especially when it comes to something called "special assessments." These assessments become important as condos age, apartment buildings change into condos, and new condos are constructed quickly to meet the rising demand. But let's take a closer look at what exactly these special assessments are all about.
Understanding Special Assessments
Special assessments might not be on your radar if you're not planning to buy or sell a condo in the near future. Imagine this scenario: you're all set to sell your condo, but suddenly, you're told that you have to pay extra money because the condo building needs repairs. This can throw a wrench into your plans when it's time to finalize the sale. It's even more complex if the condo board has a rule that says you have to pay these extra fees immediately upon selling the condo or if there are issues with the building shortly after a new resident moves in.
Protecting Yourself as a Buyer
Now, if you're the one selling the condo and you want to make sure you're not hit with unexpected bills, there's a clever trick you can use. You can add a special rule to the contract. This rule is like a safety net that says the other person involved has to pay some of these extra fees. For instance, if you're the person buying the condo, you could insert a rule that goes like this: "The person selling the condo has to cover any extra fees from the condo board until we finish everything, even if these fees show up later."
Safeguarding Your Interests as a Seller
But sellers, you're not left out! You can also protect yourselves from these special assessments. You can include a rule in the contract that states: "The person buying the condo has to take care of any extra fees from the condo board after we agree on everything, even if these fees come up later." This way, you won't be caught off guard by surprise fees that suddenly pop up after you've settled on the price and signed the contract. However, do keep in mind that you still need to handle any fees that were already in place before you sold the condo.
So, whether you're the buyer or the seller of a condo in Calgary, understanding these special assessments and adding some rules to the contract can be a real lifesaver when it comes to unexpected financial surprises. And if you're currently on the lookout for a Calgary condo or townhouse, remember that the friendly team of experienced REALTOR®s at Calgary Listings Group is here to help you through the process and guide you to your dream home.