Are large special assessments a red flag?

06/10/2013 | Wall Street Journal, The

Special assessments allow condo associations to pay for large projects, such as fixing potholes in a private road or making repairs after a major storm, that can't be covered by the money in their reserves. Condo buyers should anticipate an assessment of several thousand dollars but should talk to the association board to find out what that money will be used for and whether it is a one-time payment or a recurring cost, which could indicate problems with the property.

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Wall Street Journal, The

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