Special assessments must be collected based on the unit factors. If your unit factor is 50% of another unit then you pay 50% of what they pay. In our unit we display the unit factors on all budgets so Owners can see we are collecting funds based on the correct ratio.
You can get the unit factors from your Property Manager or your Board. Or go to the land titles web site and pull the condo plan. It shows the unit factors. Costs $2.00. I can help you with this if do not already have the plan (would have come with your lawyer package when you bought your unit).
You can use this info to verify the Board calculated the Special Assessment correctly.
How they came up with the split between Reserve Fund and a loan pay down is a question for the Board.
Shaune I on July 25 2018 at 01:09 PM