Condominium FAQ

What Are The Duties Of The Condominium Corporation Or Board Of Directors?

The Condominium Corporation/Board has several duties and responsibilities. They are responsible for the day-to-day operation of the complex, as well as long term planning. The Corporation is supposed to oversee what is happening in the complex, and make sure that owners adhere to the rules and regulations.

For instance, the bylaws may prohibit items that may be stored or kept on a balcony or patio. The Condo Corporation would be in charge of addressing issues that arise.

A good Condo Corporation is fundamental to maintaining your condominium´s value. It is certainly preferable to have a professionally managed complex.

Can A Condo Board Evict An Owner Alberta?

Yes, the Condominium Act and most Alberta Condominium Bylaws provide for the Board’s authority to evict a bylaw- breaching tenant. … Prior to this ruling, corporations could evict the misbehaving tenants of owners, but the authority to evict an owner had been in doubt.

Who Has Voting Rights On The Condo Board?

Condo owners will be allowed to vote at an AGM so long as they are entitled to vote at the meeting and are present to vote in person or by proxy.

How Much Money Should Be In The Reserve Fund?

Typically, our condominium associations will set aside somewhere between $60 and $150 per unit every month.

What Is A Reserve Fund?

The reserve fund is an account established by the condo association to anticipate extraordinary costs and major repairs of the common areas and common elements of a condominium complex, such as driveway resurfacing, roof replacement, new landscaping, etc.

What Is A Declaration? (Known As Covenants, Conditions, And Restrictions In Other Provinces)?

A declaration is an instrument, similar to a deed that sets forth the legal particulars and creates a condominium complex.  It gives the legal description of the parcels and the legal description of each unit. It details the percentage of ownership in the common elements that is allocated to each unit.  As well as, any other lawful provisions that the developer/owner deems desirable to promote and preserve cooperative ownership and to facilitate proper administration.

What Is A Resale Certificate?

It is a document that provides a potential buyer with the pertinent facts and financial details regarding a particular condominium complex.  Most Condominium Acts require that the governing body of the association provide a balance sheet, income and expense statement, operating budget, condominium declaration, bylaws, and the rules and regulations.  Some associations charge an administrative fee. Once the seller requests the resale certificate from the association, they have ten days to provide this information to the seller. An original sale certificate is required for “to be built” developments or newly converted units.

What Are Condo Fees?

Sometimes called maintenance fees, condo fees are proportionate charges for your share of the upkeep and maintenance of common areas and reserve fund contributions of the condominium complex.   
Fees vary dramatically, according to the property, age, location, and amenities offered to residents.
Services such as a 24-hour concierge desk, elevators, a clubhouse, swimming pools, work-out facilities, and security increase the overall fees.  Also, the utilities included will vary from complex to complex.

*WARNING! super low condo fees may be appealing, but be careful you don’t purchase into a complex that is in a financial crisis.

Typical items covered by condo fees:

  • Maintenance of common areas & common elements (i.e. landscaping, exterior maintenance)
  • Reserve fund contributions
  • Amenities
  • Utilities (electric for common areas, water, sewer)
  • Snow removal
  • Trash removal
  • Insurance policies

How Are Condo Fees Determined?

Fees are usually based on the annual operating costs for the entire building/complex and divided by each owner´s individual contribution to the common expenses per the condominium association rules and regulations, as well as contributions to a reserve fund. The Owners do not get a vote to determine the fee assessment, this is solely handled by the Board of Directors

Do I Need To Purchase Insurance?

Yes, you will need to purchase a homeowner’s policy to cover the contents and provide protection for your individual unit.  The condominium association carries a liability insurance policy to handle any claims relating to common areas of the building/complex, and coverage for the building/complex.

Tip – Verify what coverage the association carries.

What Are Bylaws?

Basically the rules and regulations, the bylaws provide information pertaining to establishment and administration of the condominium board including particulars on the election of board members, the powers and duties of the board, the number of members that make up the board, when meetings and election for board replacements are to be held, and any restrictions or requirements regarding the use and maintenance of units and use of common elements.

What Is Common Property?

Common property is to be used for the enjoyment by the Association members, such as driveways, community terraces, hallways, lobbies, and garages are common elements. A limited common element is property with usage restrictions.   A parking space assigned to a unit is a limited common element.

Are Condo Owners Liable For Common Property Repairs?

Condominium corporations have a legal responsibility to maintain and repair common property. Boards are not allowed to simply ignore their legal requirements because of costs.

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