In which phase do unit owners contribute to collective financial responsibilities?

The correct choice pertains to the phase of condominium ownership, which involves unit owners sharing financial responsibilities as part of their collective investment in the property. When individuals purchase a unit in a condominium, they become members of a larger community and are obligated to support the overall financial health of the condominium corporation. This includes contributing to common expenses, such as maintenance, amenities, and insurance, as well as any special assessments that may arise for significant repairs or improvements.

During condominium ownership, financial obligations are typically defined in the governing documents, and each unit owner's contribution is proportional to their ownership interest. This collaborative financial model ensures that all necessary services and upkeep are funded adequately, thus maintaining the value of their property and shared spaces.

The other options do not directly pertain to the phase of collective financial responsibility in the same way. A financial audit examines past finances but does not establish new obligations; board meetings may discuss finances but are not the phase where contributions are formally defined; and the annual general meeting serves as a platform for decision-making and reporting but does not encompass the ongoing financial responsibilities that come from ownership itself.