A condo board, which is comprised of owner-elected directors, has authority to collect funds to pay for any and all corporation expenses. Funds are collected in the form of condo fees or special assessments.
Where condo owners are dissatisfied with the quality of snow clearing and deicing services during winter, a condo corporation can choose to maintain the current level of service or provide improved service at higher cost. Each owner is required to pay their share of this cost in a proportion identified in the condo corporation’s declaration.
In the event that a resident damages a common area, perhaps while moving furniture through a hallway and elevator, the corporation can charge the owner of the suite responsible for damage. When the source of damage is unclear, repairs become the responsibility of the corporation and are reflected in condo fees paid by owners.
When a reserve fund lacks funds to pay for major repairs such as new elevators or roof along with ongoing anticipated expenditures, funds can be collected from owners in the form of higher condo fees collected monthly or a special assessment payable on short notice. The choice may depend on how quickly funds are required to initiate necessary work.