Condominium Basics – What is a Condominium?

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Condominium Basics
What is a Condominium?
Condominium refers to a form of ownership. A condo can be any kind of housing:
•high-rise or low-rise apartment
•townhouse or stacked townhouse
•detached or semi-detached house.
Condominium developments are self-governing communities with rules and bylaws to guide their operation and business affairs.
With a condo, you own your individual unit and share in the ownership and expenses of maintaining the common elements. Common elements can include things like hallways, elevators, fitness facilities and grounds.
How is a Condominium Run?

A condominium is run collectively by the condo unit owners, all of whom are members of the condo corporation. The condominium corporation manages the condo property, finances, official records, reserve fund study agreements, and all related matters.
Owners elect a board of directors to oversee operations. The board may hire a property manager to take care of day-to-day repairs and maintenance.
About the Condominium Act
Ontario’s Condominium Act 1998, governs the rights and responsibilities of condo developers, owners, corporations and boards of directors.
The Condominium Act establishes a number of protections for condo buyers and owners.
Rights and Responsibilities
As a condo owner, your rights and responsibilities differ from other homeowners.
For example, you are entitled to vote at meetings of the condominium corporation and you are required to follow the condo’s declaration, bylaws and rules.
What are the Declaration and Description?
The declaration and description are among the most important documents you will review when you are buying a condo. Among other things, they provide a legal description of the condominium’s units and common elements. The declaration also determines your share of the common expense fees.

To find out more about condos and financing their purchase visit RayMcMillan.com

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