+ What is condominium ownership?
Condominium ownership is a lifestyle choice which is popular throughout North America, especially among individuals and couples who no longer wish to deal with the expense and time of maintaining a single-family home. When you buy a condominium unit you receive complete ownership and legal title of the unit. In addition to owning the individual unit, you own a proportionate share of all common areas of the building or complex. Some common areas such as balconies and parking spaces are owned and maintained by the Condominium Corporation but are designated for your exclusive use.
+ What is a Condominium Corporation?
A Condominium Corporation is formed under the laws of the province and is responsible for the management of the condominium. Every owner of a condominium unit is a member of the Corporation. A Board of Directors is elected by the owners of the condominium units to administer the activities of the Corporation in accordance with its bylaws.
+ What are bylaws?
Every Condominium Corporation must have bylaws which govern the responsibilities and actions of the Corporation. You will receive a copy of the bylaws when you purchase a condominium unit.
+ Who will maintain and manage the property?
Generally Condominium Corporations hire a property management firm to perform the ongoing and day-to-day management.
+ What is covered by the condominium fees?
A budget is prepared each year and each owner is then assessed their share of common costs in the form of a monthly fee. This fee covers items such as common area electricity, water & sewer, building maintenance, grounds upkeep and maintenance, snow removal, building insurance, liability insurance, property management fees and reserve fund.