During the purchasing process there are many documents for you (and your lawyer) to review.
Below is a list of some of the terminology used and definitions which will to help you to better understand these documents.
An elected group of homeowners whose purpose is to serve the interests of the members of the condominium corporation.
Includes various components of the condominium in which homeowners share joint ownership. This may include parking garage, roof, recreational areas, hallways, etc.
A Corporation without share capital, created under the Condominium Act for the purposes of administering the operation, maintenance and repair of the common elements and assets of the condominium. The Corporation is guided by a democratically elected Board of Directors consisting of homeowners.
The declaration is a “charter” document that creates the condominium corporation. It defines the boundaries for each home and the common elements. It allocates responsibility for the repair and maintenance of the homes and common elements; outlines the condominium’ s provisions regarding occupancy and use; specifies common expenses and each owner’ s proportionate interest in the common elements; and details each owner’ s percentage share of the overall common expenses.
The ownership of a condominium involves 2 aspects:
A summary of the significant features of the proposed condominium and the relevant condominium documents governing the same..
Particular areas within the condominium’ s common areas which homeowners have the exclusive right to use and enjoy. Examples may include balconies, patios, etc.
The final closing date refers to the date after the condominium is registered and upon which you obtain title to your home.
The occupancy of a proposed unit before you receive title to your home.
Also referred to as common area expenses. Maintenance fees are a monthly charge (your share) for the utilities, regular upkeep, management, administration and insurance for the common element areas. The fees vary according to project and home size. Each homeowner’s portion of these expenses is set out in the budget statement, which lists the percentage for which each unit is responsible.
The date is established by the builder and defines when you must take occupancy of your home.
The monthly payment (just like rent), payable by you, for living in your home prior to final closing. It consists of 3 components:
The process by which the condominium’ s declaration and description are formally approved by the requisite governmental authorities.
A fund required to be set aside by the Condominium Corporation to cover the major repair and replacement of the common elements and assets of the condominium.
All the space within the set boundaries of your home, as specified in the declaration.
