Owning a condominium allows you to enjoy all of the benefits of owning your own home, with added convinience and facilities. You share jointly in ownership of all the recreational facilities, common areas and mechanical components of the building, but are not responsible for such things as cutting the grass, cleaning the pool, or fixing the roof. Beyond the confines of your individual home, you are simply free to enjoy!
Below are some things you should know when choosing a condominium home:
1. What is a condominium?
A form of home ownership designed to enable you to own a home within a building in a similar manner to owning a single family home.
2. Is there condominium legislation?
Yes, the Condominium Act was given Royal Assent of the Legislative Assembly of the Province of Ontario in June 1967. It is an Act to facilitate the Division of Properties into Parts that are owned individually and Parts that are to be owned in Common and to provide for the use and management of such properties.
3. Who gets title to a condominium suite?
The Purchaser only. You own your unit, and you receive a deed of ownership. It is conveyed to you at the time of final closing.
4. What do I own in common with other suite owners?
You own a proportionate share of the common elements. The common elements are everything in the project other than the suites. You own a percentage shown in the declaration document for your particular suite.
5. What amount do I pay of common expenses?
The percentage of the common expenses that you pay is the same as the percentage of the common elements that you own.
6. What are the common expenses?
These are the expenses needed to operate the common areas and mechanical components of the building and may include the cost of electricity, water, heat, maintenance of the common elements, insurance, cleaning, landscaping, snow removal, management and a reserve.
7. What taxes am I responsible for?
You pay on your own home and your share of the common elements as fixed by the Municipal Assessor. You are not responsible for taxes against any other home or any other persons share of the common elements.
8. What is the Condominium Corporation?
All homeowners constitute the Condominium Corporation, which in turn elect a Board of Directors.
9. Who sits on the Board of Directors?
After the registration of the Condominium, the Board of Directors is appointed amongst the homeowners.
10. What does the Board of Directors do?
It generally supervises the operation of the Condominium project. This includes collecting common expenses, paying bills, arranging for maintenance, hiring staff and keeping proper records.
11. What records do the Board of Directors keep?
The Board of Directors is required to keep minutes of its meeting and audited records of all income and expenses, which you have the right at any reasonable time to inspect.
12. How do I make a complaint regarding maintenance or management?
In writing to the Board of Directors.
13. What am I responsible for?
You are responsible for maintaining your home, and insuring your furniture and other personal belongings if you choose to.
14. What happens if an owner refuses to pay his/her share of common expenses?
The Board of Directors can impose a lien against his/her suite and bring a personal action to collect the sums due.
If you are interested in Purchasing a a condo please let us know and we'll answer any questions you may have, as well as provide you with more in-depth information! 613-721-8415.