What is a special assessment, and how do I know if one is coming?

A one-time charge on top of your monthly dues, usually for a major repair the reserves cannot cover: a roof, a garage, a storm deductible. It can be a few hundred dollars or several thousand. You can usually see it coming. Board minutes, the reserve study, and the resale certificate all show what the association knows is on the horizon. I review those documents with every buyer so the true cost is on the table before the offer, not after closing.