Board of Directors
This is your elected board of Owners that maintains the interests of the condominium corporation and all the unit holders that encompass the property.
Your “Common Elements”
Elements of the condominium which are mutually possessed by all unit holders. These may include: lobby, hallways, balconies, terraces, parking garage, swimming pools, fitness areas and equipment etc. (See Maintenance Fees.)
Explaining Condominium Corporation
A Corporation created with the intention of managing the operation, maintenance and repair of the common areas and assets of the condominium. Overall management of the Corporation is conducted by a unbiased elected Board of Directors, which consist of Owners, and is administered by the property management group.
Explaining the Condominium Declaration
This is a statutory "charter" document that forms the condominium corporation. It outlines various legal aspects, such as boundaries for each home as well as the common elements; responsibilities for repair and maintenance; outlines necessities regarding occupancy and use of the condominium; specifies common expenditures and each Owner's equivalent interest in the common elements; and is comprised of each Owner's percentage share of the common expenses.
Elements of Condominium Ownership
The ownership of a condominium consists of:
- Individual ownership and title of your Unit, parking spot, and locker (if applicable)
- Communal ownership and maintenance of the common elements, which are shared by all Home Owners in the condominium.
This is an extensive summary of the features of the condominium and all the forms relating to it.
This is the period of occupancy prior to being in receipt of the formal title to your condominium unit.
This is a monthly occupancy fee which is calculated (and cannot be greater) than the following amounts.
- Interest calculated on a monthly basis on the unpaid balance of the purchase price of the Unit. The rate of interest charged is based on a prescribed rate being the rate of interest that the Bank of Canada has most recently posted for a conventional one year mortgage as of the first of the month in which the purchaser assumes interim occupancy of the Unit.
- An amount reasonably estimated on a monthly basis for municipal taxes attributable to the Unit.
- The projected monthly common expense including maintenance and utilities contribution for the Unit described under the Budget Statement provided to you with the condominium documents (based on the residential unit and any parking or locker units).
Maintenance fees are billed on a monthly basis for the management, administration and insurance of the common element spaces. Each Home Owner's share of these expenditures is set out in the budget which is included in your Condominium Documents. The fees vary according to project, amenities, and unit square footage. A portion goes into the reserve fund.
This is a legal process in which the condominium's declaration and description are formally approved by the appropriate principal bodies.
Unit Transfer Date/Final Closing
This refers to the date when you receive the official title to your home.
Unit refers to the borders of your home, as detailed within the Declaration.