Five Key Considerations in a ‘Condo Crisis’
For purposes of this blog, the term ‘Condo Crisis’ is intended to refer to any circumstance that could result in significant unexpected expense to the condominium corporation/the owners. Here’s my list of five key considerations when a condominium corporation finds itself in a ‘Condo Crisis’.
- Do the status certificates need to change? For instance, does the corporation have knowledge of circumstances that may result in an increase in common expenses/special assessment?
- Does the corporation need expert advice (like the assistance of an architect or engineer)?
- Should the corporation’s insurer, and/or unit insurers, be notified?
- Is it necessary or appropriate to involve the owners? Should notice be sent to the owners? Should there be a meeting of owners?
- Should the corporation consider claims of any sort? What is the limitation period for any such claim(s)?