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April 13, 2010

What is a Special Assessment in Condominiums?

Filed under: Center City Real Estate,Of Interest to Buyers,Of Interest To Sellers,Real Estate: Condominiums — Center City Philadelphia Real Estate Agent @ 2:20 pm

Put simply: If the condo association wants to replace all the windows in your Center City condo building, and they don’t have the money in the bank to pay for it up front, they will bill every owner an amount to pay for the improvement. They do this via a special assessment. That is why it is important to look at the overall condition of the Philadelphia loft or condominium building in which you might be considering a purchase. 

Deferred maintenance issues are paid by the owners of the condo association. Does your building need a new elevator?
Something to think about……

Mark Wade
www.CenterCityCondos.com
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

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