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"There will be a special assessment for roof replacement," read the condo notice
   Condos can be a wonderful alternative to owning a single family home. The exterior maintenance of the building...the lawn, the snow....are all taken care of...or is EVERYTHING taken care of ?    
    We were showing condos and our Buyers toured several units in one complex. The amenities included a clubhouse and a pool which meant monthly dues were a little higher than other complexes and our Buyers were pleased with the facilities and asked us to secure the condo documents for their review.
Secure we did....and learned that the Association had not collected sufficient dues in escrow to replace all the roofs in the complex...and now was the time that they needed replacing.  A bid had been secured and the work was to be done over a period of time with each unit owner being told what the assessment would be and when the two payments were due which totaled five figures. Because not all units were the same size and floor plan, assessments varied by style.
     Some of the Sellers in the complex, we think wisely, said that they would be responsible for the roof assessment with their listing. After all, Buyers were not residents...could not have ... more

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