Let’s try to make sense of living in a Condo.
The Condo corporation, is created under the Condominium Act which is responsible for the administering all aspects of the common elements and other assets of the Condo. This corporation is managed by a property management company under the direction of the elected Board of Directors.
Who is the – Board of Directors?
This is a group of owners who chose to serve the interests of the other homeowners in the condo. They are voted in by other owners.
Common Element? What are they
They include part of the condo which the owners share collectively. Examples of common elements: Courtyard/garden, rooftop, hallways, gym, recreation centre and party rooms, and parking garage, to name a few.
Common Elements – Exclusive Use
This is a common element whereby you the owner have the exclusive right to – this would be the balcony or terraces
Condo – defining ownership
You own your individual condo and you also have ownership in the shared facilities and common elements (IE. gym) which are shared by all of the residents of the condo.
The declaration is a document which creates the condo corporation. It consists of a large document which provides you with all aspects of your condo and it’s operating parts. The boundaries of each suite and the common elements are described in the declaration. It states all the costs involved in running the condo and states what your share of the costs will be. It also outlines the Rules and Regulations of living in the condo.
Disclosure Statement or “Condo docs”
This is a full disclosure of how the condo is to be managed. Included in the disclosure statement you will have, declaration, rules and regulations, first year budget and management agreement.
In new build condos interim occupancy is the time you take possession and the time you take title. On interim occupancy you take possession and upon registration you take final title – when you have to produce a mortgage for ownership.
This is the date we establish within the guidelines of your Agreement to Purchase of Sale (in a section under the TARION agreement).
This is an amount which you are responsible to pay for living while living in the unit. It combines the maintenance fee which is in your disclosure documents, the Builder estimates your monthly realty taxes and finally a monthly interest amount. This combination you pay and is shared by all Occupancy owners.
The final closing date refers to the date after the condo is registered with the City and then you are ready to take title to your home.
At this time the declaration and legal description are approved by the City and now will transfer title or be in final closing.
Maintenance Fees – common area fees – condo fees
Three different names but serve the same purpose; this is comprised of an amount as set out in the disclosure documents. It is based on the square footage of your unit. IE. 60 cents per square foot X 800 Sqft. = $480-
A fund required to be set aside by the condo corporation to cover the major repair and replacement of the common elements and assets of the condo like the roof repair and replacement. As well as the windows and doors. There is always an approximate amount of the maintenance fees dedicated forever to the Reserve fund.