Can I be charged for a special assessment if the condo complex needs repairs?

Yes, you can be charged a special assessment if the condo complex needs repairs in North Carolina. According to Chapter 47F of the North Carolina Statutes, the homeowners’ association has the authority to charge each unit owner in the condo complex a special assessment to cover costs of repairs if the association cannot cover the expenses from its general assessment funds. The amount of the special assessment must be reasonable and must be imposed on all unit owners, and the notice must include the amount, the purpose of the assessment, the time within which it is to be paid, and the consequences of failure to pay the assessment. The assessment may also be in the form of a loan agreement and can include late fees if the unit owner does not make timely payments. Before the homeowners’ association can assess any unit owner, it must give notice to all unit owners, and the unit owners must have the right to be heard at the meeting at which the special assessment is approved. In short, if the condo complex needs repairs, you as a unit owner can be charged a special assessment in North Carolina as long as the assessment is reasonable and is approved after due process.

Related FAQs

What can I do if my condo association isn't following the rules?
What is the process for filing a complaint with the condo association?
Is the condo association responsible for taking care of shared areas in the complex?
Am I allowed to own pets in my condo unit?
Are there restrictions on the types of businesses that can be operated in a condo complex?
Can I be held responsible for damage to another condo unit?
What is the right to quiet enjoyment in a condo unit?
Can I sue my condo association if they breach their contract?
Can a condo association impose fines for violations of the condo rules?
What are the restrictions on using common areas in a condo complex?

Can I be charged for a special assessment if the condo complex needs repairs?

Related FAQs

Related Blog Posts