Dear Condo Buyers: Following is some basic and general information about the ownership of a condominium. What belongs to unit owner and what belongs to the Corporation?
Condominium corporation consist of two parts: the unit which is individually owned and the common elements which are shared and jointly owned by all the individual owners as condominium corporation members. The Declaration outlines this in detail. However, no two Declarations are alike, so make sure you review the Declaration in detail as it applies to your property. Are there restrictions on what I can do with my unit?
Yes. A condominium owner’s rights of ownership are more restricted than other homeowners. A condominium owner must abide by all the provisions of The Condominium Act, the corporations Declaration, By-Laws and Rules and Regulations. An owner may not damage or neglect his unit to depreciate the value of the community as a whole. Most Declarations for residential condominiums specify that units can be used only as a private, single family dwelling. They can not be used for commercial purposes. Usually the owner is forbidden from any actions which would threaten the corporation’s insurance coverage (e.g. having a barbecue on the balcony etc) or making any structural changes to his unit without the consent of the Board of Directors. Who qualifies to be a Director?
According to The Condominium Act, 1998 no person under the age of 18 and no undischarged bankrupt or mentally incompetent personal shall be a director. While day-to-day management decision are normally made by the management firm under contract to the corporation, final authority for policy decision rests with the Board of Directors of the Corporation. What is maintenance Fees There is always a monthy maintenance fee for a condo to cover the cost of the common elements, utilities and building insurance, security and other services etc. When are my maintenance fees due?
Maintenance fees are usually due on the 1st business day of the month. If you are paying by a cheque please send 12 post-dated cheques to our head office. If you are on a Pre-Authorized Payment Plan the fees will be deducted automatically on the first business day of the month. How do I sign up for the Pre-Authorized Payment for my maintenance fees?
Pre-Authorized Payment form is always available from the management office. Fill out and attach a blank cheque for your account marked VOID, and mail or deliver to the condo management office. What happens if I change financial institutions or accounts?
You complete a new authorization form and attach a void cheque with your new account information on it. Return the complete form to the management office to be updated in records. How long does it take to complete a status certificate and what is the cost?
A status certificate is normally required when a condo is sold and the new buyer needs to review all the building history, declaration etc. This document contains all the information about the condo building. It is reviewed by the buyer's lawyer and is up to his / her satisfaction. A status certificate must be provided within 10 days after the management receives a written request. The usual prescribed fee for a status certificate is $100 payable in cash, money order or certified cheque payable to your Condo corporation.
Are people allowed to canvass for political candidates on condominium property?
The Condominium Act, 1998 specifically recognizes the right of political canvassers to have access to citizens at reasonable hours. The corporation is not allowed to forbid access and may be subject to a court imposed fine. About the Pets It varies from one condo corporation to an other. Some pass a by-law to allow, some don't and some have restrictions regarding the type and size of the pets. Before buying a condo, the buyer should find out. Please note that the comments contained on this page are for information purposes only and do not constitute legal advice. Please consult your lawyer before making any decision. |