A form of home ownership designed to enable you to own a unit in a similar manner to owning a single-family home. Condominiums are buildings in which the owners own the air space inside the interior walls, floors and ceilings of their unit, but jointly own an interest in the common elements of the building, along with the other owners in the condominium.
Yes, the Condominium Act was most recently updated in September 2001. It is an Act to facilitate the division of properties into parts that are owned individually and parts that are to be owned in common, and to provide for the use and management of such properties.
The purchaser only. It is conveyed to you by Greystone Village Inc. at the time of final closing.
The interim closing is when you take occupancy of your unit, and it is before the transfer of legal title which is called the “final closing”. Even though you receive your keys on the interim closing, you cannot take legal title because the Condominium is not registered, which also means that you cannot register a mortgage on your unit. During interim occupancy you will pay an occupancy fee to Greystone Village Inc. based upon the monthly common expenses, the monthly amount for estimated property taxes, condo fees and interest on the balance of your purchase price.
The final closing is when you take legal title of your unit. At the time of sale you will be given an ‘anticipated’ registration date, which is the date the transfer of legal title is expected to take place. This is only an anticipated date, and therefore is subject to change. Upon registration, your lawyer should notify you as to the date you can expect to take legal title of the unit. The date becomes your final closing.
You own the unit, and you receive a deed of ownership. In some condominiums, you also own the parking space and the storage unit. However, in other condominiums you will obtain the right to use a parking space and a storage unit from the Board of Directors.
You own a proportionate share of the common elements along with the other owners in the condominium. The common elements are everything in the project other than the units.
You own a percentage shown in the declaration document for your particular unit(s).
The percentage of the common expenses which you pay is shown in the declaration documents and is generally the same as the percentage of the common elements in which you own.
These are the expenses needed to operate and maintain the common area mechanical components of the building and include the cost of electricity, water, heat, maintenance of the common elements, insurance, cleaning, landscaping, snow removal, property management, legal services, maintenance of the building exterior, replacement of unit filters and a reserve fund.
You pay property tax and utilities on your own unit from your date of occupancy and your share of the common elements as fixed by the Municipal Assessor. You are not responsible for property tax against any other unit to any other person’s share of the common elements.
Yes, the Condominium Act allows for resale but only after registration of the condominium and final closing of your suite has occurred. Please refer to Agreement of Purchase and Sale for timeline clauses.
Yes, but only after the ‘final closing’ provided your tenant enters into an agreement for lease as approved by the Board of Directors of the Condominium and otherwise complies with the condominium documents and the rules of the condominium.
All owners constitute the Condominium Corporation, which in turn elects a Board of Directors.
After the registration of the Condominium, the Board of Directors shall be appointed amongst the owners of the units at a turnover meeting. The Board will generally consist of five members, three of which shall constitute a quorum.
It supervises the operation of the Condominium project, generally, through a property management company. This includes collecting common expenses, paying bills, arranging for maintenance, hiring staff and managing all income and expenses.
The Board of Directors is required to keep minutes of its meetings and audited records of all income and expenses.
Yes, at any reasonable time.
The Board of Directors elected by the owners at the turnover meeting can elect to either hire a management company, or self-manage.
In writing to the Board of Directors.
A log is maintained by management in which all complaints are entered chronologically. A record is kept of the action taken.
The unit owner is responsible for the maintenance of their unit.
The management company does so on behalf of the Condominium Corporation.
There is a Builder’s Warranty on your unit effective for one year from interim closing date, governed by the Tarion Warranty Corporation. In addition, certain elements of construction are covered for a longer time period as explained by the Tarion warranty documentation which is provided to you before closing.
Full replacement value on the building against fire and comprehensive general liability policy. The Board of Directors may place additional insurance if they feel it is desirable.
Yes. These are not covered by the condominium’s policy of insurance. In addition, you must insure for public liability and for any improvements you make to your unit.
The Board of Directors can impose a lien against his/her unit and bring a personal action to collect the sums due. In the event the unit owner still does not pay, the Condominium Corporation can sell the unit under a power of sale proceeding.
Yes, just as you need a lawyer when you buy a freehold home.