Frequently Asked Questions
What is a Status Certificate?
It is a document that discloses information to a potential purchaser of a specific Condo Unit and includes the following:
- Common element fees
- If there are any arrears on the unit
- Any legal issues or proceedings
- Upcoming repairs or maintenance
- Financial position of the Corporation
- Budget
- Reserve Fund Study
- Insurance for the Corporation
The Status Certificate expires after 60 days.
What do the Common Element Fees include?
Condo fees differ between all Condominiums, however, the basics are roofing, Eaves troughs, Windows, Doors, Siding, Masonry/Brick, and all Common areas, Landscaping, snow removal (in most Standard Condominium Corporations). You should refer to your annual budget or Reserve Fund Study for a more accurate breakdown.
How do I pay Common Element Fees?
- Monthly automatic withdrawal (if applicable to the Corporation)
- Cheque or Money Order made payable to your Condominium Corporation, not your Property Management
- E-transfer (Contact our office for further details)
What is the CAO
The CAO – Condominium Authority of Ontario is a governing body created to improve Condominium Living by providing services and resources for Condominium Owners, Residents and Directors.
Do I have any responsibility as a condominium owner?
Yes.
- Owners should check their Status Certificate for any alterations made to the unit – inside and out.
- Read and Abide by your Corporation Documents (Declaration, By-Laws, Rules and Regulations, Newsletters, Budgets).
- Off-site unit owners are required to provide tenant information within 10 days of any new tenant/occupant.
- Notify the Corporation of any changes to your information (i.e. telephone, mailing address, vehicle, email, etc.).
What are the responsibilities of the Board of Directors?
- Complete the Director Training provided by the CAO.
- To act honestly and in good faith on behalf of the owners.
- To manage the affairs of the Corporation.
- Maintenance & Safety.
- Finances.
- Make decisions on repairs and maintenance of the Common Elements.
- Uphold and enforce legislation (The Condominium Act, 1998), The Declaration, By-Laws, and Rules.
- Communicate with the Condominium Owners.
Can I make changes or additions to the unit?
Yes, providing you submit a written request along with a sketch or design of your change or addition to the Board of Directors. Any changes are subject to Board of Director approval and if required, must be registered on title of the Unit by the unit owner.