Special Assessment
A Special Assessment is an additional charge made by the developer or Management Company, for major repairs and refurbishments. The Special Assessment is in addition to the annual maintenance fee, and usually a one off fee expected occasionally. However, there are many vacation / timeshare resorts which cover this additional charge within their maintenance fees as a sinking fund.
The Special Assessment is intended to cover expected and unexpected repairs that may arise. For example, Hurricane repairs which were unexpected, or just general repairs to equipment, units and facilities.
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