Property Management
Vermont's condominium association assessment for capital improvements is typically:
AIncluded in the regular monthly fee
BA special assessment levied on unit owners for major repairs or improvements not covered by reserves✓ Correct
CPaid by the developer regardless of age of the development
DOptional and may be declined by individual unit owners
Explanation
When major repairs or improvements exceed the association's reserve fund, the condominium board may levy a special assessment against all unit owners to cover the cost, in addition to regular monthly maintenance fees.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Math Concepts
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