ERIN HENRY
Sales Representative, Royal LePage Real Estate Services Ltd. Brokerage
Erin Henry is an experienced Sales Representative providing comprehensive real estate services to home buyers and sellers with over 25 years of dedication and expertise!
erinhenry.ca
As we settle into our new “norm,” it’s a good time to start looking at things with a clear head. What do we know and what do we need to know about purchasing (owning) a condo.
Often there is a misconception as to what a condominium is and how it pertains to a condominium corporation. For ease of simplicity, the term condominium applies to a type of property and type of ownership rather than a type of building. It is comprised of units and common elements. Condominium ownership therefore, is twofold in nature. A unit owner has freehold title to their respective unit as well as joint ownership of the common elements.
A condominium corporation is simply a method of managing property ownership. Its primary purpose is to oversee the affairs of the condo utilizing documents known as declaration, description, by-laws and rules.
As we settle into our new “norm,” it’s a good time to start looking at things with a clear head.
— Erin Henry
Declaration
The declaration is more or less the “constitution.” It sets out the ownership of the individual units and their percentage of the common elements. It also delineates between owner and corporation financial contributions.
Description
The description is a detailed plan of the boundaries, location and layout of the units, exclusive and exclusive use common elements.
By-Laws
The by-laws stipulate how the corporation will be organized. In doing so they deal with Board of Directors, conduct of meetings, common expenses, residency standards, building insurance, rule application and any other matters directly relating to the operation of the condominium.
Rules
The rules of the corporation are designed to regulate the owners daily living. The Board of Directors formulate the rules. However, as part of the by-laws, owners are required to receive copies of the rules and have a right to veto, amend or repeal (the initial documents are prepared by the developer).
When purchasing a condominium, every prudent buyer will have such documents reviewed by a lawyer to ensure all is in order. The condominium corporation should be recognized as a positive representation and body of protection for this type of ownership.
*All information correct at time of publishing and should be verified by the Purchasers and Sellers
