Are there limits on how much I can be charged for condo fees?

Yes, there are limits on how much you can be charged for condo fees in Alaska. Alaska law requires that the fee charged to each unit must be approved by the association or homeowners’ governing body, and must not exceed an amount necessary to cover the costs of services, facilities, and maintenance related to the unit ownership. The amount of any assessment must also be reasonable and comparable to fees charged for similar services or facilities in the area. Additionally, the way the fees are charged to unit owners must be fair and reasonable. Special assessments can be made under certain circumstances, but must be approved by a majority of the votes cast at an annual or special meeting of the association. Additionally, all unit owners must be given 30 days’ notice before a special assessment is made. All condo fees must be disclosed in writing to prospective buyers before they purchase a condo. Prospective buyers should review the governing documents to determine the amount of fees they will be responsible for each month. Finally, any increases in condo fees must be reasonable and must be approved by a majority of members of the association. Unit owners have the right to vote on proposed fee increases. It is important to remember that the purpose of condo fees are to cover the expenses associated with owning the condo and it is important to make sure that the fees are fair and reasonable.

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Are there limits on how much I can be charged for condo fees?

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