Everyone knows that low maintenance fees are an attractive decision driver to condo purchases. It is also well known that developers make that first-year’s operating budget as attractive as possible. The problem is some developers exclude things from that budget that make maintenance fees artificially low.
New rules will require developers to disclose circumstances that may lead to a dramatic increase in maintenance fees within a set period of time of the corporation’s first year. In specific cases developers will be required to disclose the amount of the potential increase in maintenance fees. (more)