Bareland condo owners in Alberta will now have increased protection against large assessments to repair and maintain managed property, thanks to new legislation passed by the Alberta government.
The province’s roughly 40,000 bareland condo owners had been left with uncertainty regarding special assessments, fees and maintenance following a Court of Queen’s Bench decision. The decision determined the current Condominium Property Act does not give bareland condominium corporations the authority to collect fees or use reserve funds for expenses related to repairing and maintaining managed property. As a result, corporations may have to finance expenses for managed property, potentially exposing unit owners to large special assessments to cover the costs.
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