Good idea! Afterwards, we bring it up to the Board of Directors right?
I found this online about special assessments.
Special Assessments
Now, here is a dreaded word and for good reasons.
A special assessment is an additional payment or a levy that a condo board has to impose when unexpected shortfalls or unexpected expenditures occur in the budget, or when an expensive system has to be replaced (i.e., a boiler) and there is not enough money in the reserve fund to cover for it. (Click here for Reserve Fund)
Special assessments are like a fee and are proportional to the % of common expenses each unit has, as per the declaration. Therefore, a smaller suite's special assessment will be lower than the one paid by a larger suite.
In Ontario, special assessments often occur in condos that were built before 2001 when reserve fund studies were not mandated by the previous Condo Act. As a result, developers and boards failed to build up sufficient reserve funds for future replacements and major repairs.
It is the duty of a board to impose a special assessment when necessary and owners have to comply, as is the case for fees. Owners cannot vote on whether or not to levy a special assessment.
However, a board who has failed to have a reserve fund study or has caused the situation that led to the assessment can be voted out by owners at a requisitioned meeting or even sued for lack of due diligence. But this is easier said than done!
If owners believe that the rationale for the special assessment is not well explained or documented, they can requisition a meeting to force the board to discuss the issue. But the board does not have to stop the special assessment. Yet, it would be a disrespectful board who would refuse to clarify the situation.
If, after the meeting, or if the board refuses the requisitioned meeting, and owners still believe that the special assessment is unwarranted (this happens: Click on Horror Stories About Special Assessments), then owners can requisition a meeting for the purpose of replacing the board. (Please read the various issues pertaining to Requisitioned Meetings) Or owners can have recourse to a lawyer in order to get a court order to stop the special assessement pending a review, by using Section 134 of the Condominium Act of Ontario.
Special assessments can’t be levied if there is a large surplus or if the reserve fund is sufficient to cover the replacement. However, if the replacement or large repairs deplete the reserve fund, then the board has to levy an assessment to bring the reserve fund up to date. Or the board may choose to raise fees in order to top off the reserve fund.
Special assessments can’t be levied for repairs that are merely cosmetic to embellish a condo or to accommodate someone’s taste for luxury!
Special assessments require careful consideration by boards and adequate communication with owners, including letters, advance notices, and even an information meeting to explain the necessity as well as what would happen without this assessment.
There are various ways of levying an assessment: It can be added to the fees for an X number of months (less painful approach), or paid in 2 to 4 instalments, or in one lump sum payment (most painful).
Not going to let this ruin my Christmas.