1) Who Takes Care of the Building and Grounds?
Most condominium corporations contract-out the day-to-day operations of the condominium to a property management company
under
the direction of the condominium’s Board of Directors. The
cleaning of common areas, payment of common area utility bills, operation and maintenance of the central
space and domestic hot water heating and air-conditioning
systems, snow and garbage removal and the collection of monthly
maintenance fees may fall under the jurisdiction of the property
manager. There are usually limits on the property manager’s
authority. For example, anything that requires
a major expenditure, or an expenditure not accounted for in the
annual budget, may have to be approved by the Board of
Directors. The property manager is not usually responsible for
items or operational problems within individual units, unless
they are
related to the common elements (e.g. heating systems, roofs,
windows, exterior walls. Some condominiums prefer to deal with
the management of daily maintenance themselves. These are
sometimes referred to as “self managed” condominiums. Under this
management style, the Board of Directors- and in some cases,
volunteers who are residents or owners-will carry out the
day-to-day tasks of operating the condominium. It is important
when considering the purchase of a particular condominium, to
ensure you are comfortable with the management style, whether it
is a contract property manager, or self-managed. This may have
implications on both condominium fees.
2) What are the maintenance duties for the unit owner?
• Internal unit plumbing, appliances, heating air conditioning
or electrical systems that are contained in and serve only that
unit
• Cleaning window surfaces that are accessible from inside the
unit
• Cleaning some parts of the common elements like balconies and
patios that
are assigned to or exclusive use of, the unit holder
3) What are the maintenance
duties for the Condominium Corporation?
• Common plumbing, electrical and heating and air-conditioning
systems
• Roof and wall repairs
• Windows and doors—repairs and replacement
• Grounds cutting, watering
• Recreational amenities
• Parking areas
• Any other part of the property that is not part of a unit
Sometimes the responsibility for maintenance and repair can be
shared. For example, a heating and air conditioning (HVAC)
system may be part of the common elements, but the unit owner
may be responsible for some tasks such as changing filters.
4) Can I Rent My Condominium?
Many condominium buyers purchase their units as an investment
with the intent
of renting the unit out. While most condominium corporations
allow owners to rent their units to a third party, you should
confirm this through a review of the condominium’s governing
documents and your provincial legislation.
5) What are the typical condominium rules and restrictions?
* carpeting on various types of floors to reduce sound
transmission; or no hardwood floors
* no barbequing on balconies
* no satellite dishes or antennae
* no parking of commercial or recreational vehicles
* use of elevators for moving have restrictive hours, require
reservations and/or security deposits.
* no office, business or commercial uses within condominium
units
* pet restrictions (including size and maximum weight of a pet)
* types and colour of window coverings, as can be seen from
exterior of building
* plantings and other uses of exterior patios
* unit owner's liability for damaged exterior doors, including
garage doors and/or added terms such as central air, fireplaces,
etc.
* noise generated by musical instruments
6) What happens if I do not comply with the condominium rules?
Corporation
has the right to get a court order directing compliance and
ordering payment of legal costs by the unit owner.
7) Can I make interior changes in my condo unit?
It is
recommended that you ask the management office whether or not
the interior changes will be approved by the management.
Written approval must be obtained from the management.
8) Do I need to book the elevator on the day of moving?
Yes. Call
the management office as soon as possible to book the elevator.
9) Are there any SURPRISE closing costs when purchasing a brand
new condo?
A builder's
agreement to purchase a newly constructed condo contains pages
of fine print which are
not
standard for each builder since each has it's own pet clauses.
The
"adjustments" chargeable on closing (in addition to the
upgrades ordered by a purchaser at time of colour selection and
in addition to the closing costs of legal fees, legal
disbursements and land transfer tax) can be substantial.
In the last
few years, many builders have been more creative in their fine
print for items charged on closing which adjust the ultimate
purchase price upwards- e.g. the unit's share of the building's
sewer connection charges, education development charges, bulk
hydro meter, estimated property taxes for the year after closing
(as well as for the balance of the year of final closing),
initial reserve fund contribution, subway connection charge, (if
applicable) etc., with each such charge ranging from a few
hundred dollars to two thousand dollars plus.
The total
of such adjustments (depending on the builder's fine print) can
add up to a nasty surprise on final closing.
 |
Homelife/Bayview
Realty
Inc.
Real Estate Brokerage
Independently
Owned & Operated
505 Highway 7 East Suite 201,
Thornhill, Ontario L3T 7T1
Office
(905) 889-2200
Toronto Line
(416) 324-2822
Fax
(905)
889-3322
Email:
zeny@sellhomestoronto.com
|
This
Website Is Not Intended To Solicit Properties Under Contract
or
Buyers & Sellers Under Signed Agreement With Another Broker.
Terms
of Use Agreement (Disclaimer & Acceptable Use)
Legal Copyright and
Disclaimer
PRIVACY STATEMENT:
* Asterisk on awards
denotes awards received in the
last 6 years from HomeLife/Bayview Realty Inc., Brokerage.
All email addresses are kept
confidential and are
not shared with any other
party or mailing list.
THANK YOU FOR VISITING MY
WEBSITE! |
|
