10. Determining commonhold assessments
To determine if the Commonhold Association has made any assessments in respect of your unit over the last three years, you will need to thoroughly review the financial records and documentation provided by the association.
These records typically include annual financial statements, meeting minutes, and communication regarding assessments. Assessments are monetary charges levied on unit-holders to cover various communal expenses, such as maintenance, repairs, insurance, and other shared services. It is important to meticulously examine these records to identify any instances where assessments have been imposed on your unit during the specified time frame.
Here is a break down the key steps and considerations:
| Reviewing financial record | Obtain copies of annual financial statements, which provide a detailed overview of the association's financial health. Scrutinise meeting minutes for decisions related to assessments, budget approvals, and financial strategy. Examine communication regarding assessments to find official notices or correspondence specifying any imposed on unit-holders. |
| Understanding assessments | Identify the nature of assessments, covering communal expenses like maintenance, repairs, insurance, and shared services. Differentiate between regular and special assessments, noting that regular ones are recurring charges, while special assessments may be one-time charges for unexpected or major expenses. |
| Time frame considerations | Focus on the last three years to capture the most recent financial history and any changes in assessment patterns. |
| Meticulous examination | Note changes in assessment amounts over the specified period, understanding the reasons behind these changes. Verify payments and arrears to ensure accurate recording of assessments and identify any outstanding payments. |
| Seeking clarifications | Contact the Commonhold Association if you encounter discrepancies or have questions about the assessed amounts. They should provide additional information or address concerns you may have. |
By following these steps and thoroughly examining the provided records, you can gain a comprehensive understanding of the commonhold assessments applicable to your unit over the last three years. This diligence ensures transparency and helps you make informed decisions regarding your financial obligations within the Commonhold Association.