What is expected of me?

 

One of the key ways condo living is different than living in a freehold house is that you own your unit, but you also share ownership of certain aspects of the land, building and common areas. This means you share costs with fellow owners and you have certain responsibilities to maintain your property as well as any exclusive use common areas.

 

n order to maintain your share of the common areas and the various amenities thereto, you will be required to pay monthly condominium fees that cover the upkeep and repair of these areas, whether you use them or not. These fees may also cover the corporation’s insurance policies, utilities and maintenance services and other administrative costs associated with the operation and running of a corporation.

 

When you become a condominium owner, you also become a member of a condominium corporation and community. A condominium corporation is made up of several units owned by individuals which share in the ownership of common areas and assets.  As a condominium owner, you have an opportunity to participate in the running of the corporation by attending meetings and information sessions, serving on the board of directors or on a committee, keeping on top of information sent to members, and voting.

 

You are also eligible to join the board of directors which is generally made up of individual condominium owners. The board of directors is responsible for the management of the corporation’s business affairs and makes all major decisions regarding the condominium corporation.