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Did You Know?
Residential condominiums consist of:
- units, which are individually owned;
- the common elements, which are shared and jointly
owned by all of the individual owners as condominium corporation members.
A board of directors is responsible for the management
of the condominium.
In addition to following the requirements of the
Condominium Act, 1998, a condominium corporation and its owners must operate in
accordance with the declaration, by-laws, and rules of the condominium.
Did You Know?
Unit owners elect a board of
directors to manage the condominium's affairs. The board usually hires a
property manager to attend to day-to-day operations. The property manager
reports to the condominium board and the board is directly accountable to the
owners.
Every board must keep records, which must be available for
inspection by unit owners. The board is also responsible for following and
enforcing the Condominium Act, the declaration, the by-laws and the rules.
Unit owners have the right to participate in the affairs of the
condominium. By ballot or show of hands, unit owners collectively make some of
the decisions. Some decisions are the sole responsibility of the owner-elected
board and others must be approved by a vote of unit owners.
Did
You Know?
The common elements are the parts of the development
outside the individual units. These can consist of corridors, lobbies and
elevators in apartment condominium projects as well as recreational facilities,
parking areas, the grounds and structural parts of buildings. Their upkeep and
maintenance is an expense of the corporation.
A unit usually consists
of the premises in which the owner actually lives. Unit owners are generally
responsible for the maintenance and upkeep of their unit.
The reserve
fund is money set aside by the condominium corporation to pay for major repairs
and replacement of common elements and other assets of the corporation. A part
of the monthly maintenance fees collected from owners is to be directed to the
reserve fund.
Condominium corporations must complete reserve fund
studies regularly. They must have a plan in place based on the study results to
ensure the major components of the condominium are kept in good repair.
A special assessment over and above maintenance fees may be charged to
a unit owner. It is used to help pay for unexpected major repairs or shortfalls
in the reserve fund.
Did You Know?
As a
condominium unit owner, you have rights and responsibilities. You can:
- vote at general meetings;
- review corporation records (e.g., financial
statements, meeting minutes);
- request a meeting of owners;
- add matters to a general meeting agenda;
- get a court order to make the corporation carry out a
duty required under the Condominium Act;
- remove a director from the board with a majority of
votes.
You must:
- pay your maintenance fees/special assessments;
- maintain/repair your individual unit;
- follow the condominium's declaration, by-laws and
rules;
- resolve disputes through discussion, mediation,
arbitration and/or court order.
If disputes cannot be resolved through discussions with
the board, they may be resolved through mediation, where a facilitator attempts
to help the parties achieve a resolution.
If mediation fails, the next
step is arbitration, where a third party hears both sides and makes a finding.
Mediators and arbitrators are readily accessible in Ontario at varying hourly
rates.
Source:
www.feedback.serviceontario.ca/mbs/soofs/condosurvey.nsf/surveye?openform
July 28 2010 |
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