Condominiums – Buyers

Types of Condominiums

A conventional condominium is the most common form of condominium. It typically refers to a condominium unit that is located within a building. Conventional boundaries are identified by referring to floors, walls, and ceilings, as opposed to markings on a plot of land.

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Condominium Styles

Condominiums come in all shapes and sizes. Apartment-style units located in high or low rise buildings are generally conventional, while townhouses or detached dwellings are often bare land units.

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Buying Pros and Cons

Multi-stage developments can benefit owners by adding new services and facilities, but they can also lead to obstructed views, changes in parking, and an increased number of residents accessing the common property.

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Buying Terms

Condominium units come in all shapes and sizes. They can be apartment-style residences in high-rise buildings, townhouses, lofts, or even detached houses. Owners are responsible for maintaining, repairing, and renovating.

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Finances

A condominium board is required to prepare an annual report every fiscal year. It must be made available to owners before, or at the time, the notice of the next annual general meeting is provided.

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Budget & Financial Statements

A condominium board is required to prepare and distribute annual financial statements for the previous fiscal year and an annual budget for the current fiscal year. A condo corporation’s fiscal year is the 12-month period.

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Condominium Contributions (Fees)

Every condo owner is required to pay condominium contributions (also known as condominium fees) to the condominium corporation. These contributions go towards the cost of repairing and maintaining common property.

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Reserve Fund

Condominium corporations are required to establish and maintain a reserve fund to cover the costs of major repairs to or replacement of their capital property.

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Special Assessment (Levy)

A special assessment (also known as a special levy) is a financial contribution that can be imposed on condominium unit owners in addition to their condominium contributions (fees). It may be levied as a one-time lump sum or as an additional regular payment.

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Bylaws & Rules

Condominium bylaws govern how the condominium corporation is run. They often address matters such as the election and practices of the board of directors, the collection of contributions, and how rules are passed. Rules often supplement the bylaws.

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