How is a Condo Run?
The condominium corporation is run by a board of directors elected by the owners. The board’s function is to manage the corporation. A new requirement will ensure that if at least 15 per cent of the units are owner-occupied, one position on the board will be reserved for election by owner-occupants. In this way owner-occupants are assured representation on the board.Major decisions are voted on at owners’ meetings. Under the new Act, annual general meetings must be held within six months of the end of the condo corporation’s fiscal year to ensure that unit-owners have an opportunity to review the financial statements in a timely manner. Participation in community decision-making is a benefit of condominium living.
If you own a condominium, Ontario’s new Condominium Act helps to better protect your investment and to improve the day-to-day operation of your condominium
A performance audit requires an inspection of the common elements of new condominiums, such as including the the foundation, walls, doors, roof, parking garages and elevators.
This is to ensure that any major problems are found before the 12-month deadline for submitting warranty claims under the Ontario New Home Warranty Program. The performance audit also includes a survey of owners, which asks them about any damage to their units that may have been that has been or may be caused by defects in the common elements.
