A special assessment isn’t actually as awesome as it sounds. A special assessment is imposed when a maintenance issue presents itself that cannot be covered by the reserve fund. The condo board would determine the amount needed and each unit is then required to contribute the additional amount. The amounts that each unit pays is divided proportionally the way the condo fees are divided. These payments, once determined as necessary, are not optional, everyone must pay their share.
Things that might arise that could force a special assessment would be thing like a building’s furnace becomes inoperable or there is a major plumbing issue.
As soon as a special assessment is considered advance warning should be sent out to the condo owners and this information must be made available to potential buyers who are considering the building. The buyers can then make the decision to accept the cost or negotiate the fee with the seller.