Pet Friendly

Many residents in condos complain about dogs being allowed without a leash in corridors, elevators, lobbies, and grounds as well as exclusive-use backyards in townhouses. Others do their business in the common grounds, in the flower beds, and some pet owners do not do the “poop and scoop” drill.

In some condos, dogs urinate on carpets but managers cannot charge the responsible owners because it is difficult to establish proof. Unfortunately, residents who complain refuse to point to the culprits. Managers need help if they are to stop a problem from occurring!

While some condos accept dogs, they have the right to regulate weight and number. A condo may allow up to three pets, for instance, a cat, a dog, and a bird. Or tropical fish or small turtles. But only one dog per suite is allowed.

One has to be realistic: For instance, a condo with 100 units that allows pets may have 25 suites in which there is a dog. If two dogs were allowed, the dog population could reach 50 or even 100. The barking alone would be unbearable in such a small space

The Dreaded Word 'Special Assessment'

Haven’t come accross too many of these scenarios, but something are you condo owners and prospective buyers NEED to know.

A special assessment is an additional payment or a levy that a condo board has to impose when unexpected shortfalls or unexpected expenditures occur in the budget, or when an expensive system has to be replaced (i.e., windows, mechanicals) and there is not enough money in the reserve fund to cover for it.

Special assessments often occur in condos that were built before 2001 when reserve fund studies were not mandated by the previous Condo Act. As a result, developers and boards failed to build up sufficient reserve funds for future replacements.

It is the duty of a board to impose a special assessment when necessary and owners have to comply, as is the case for fees. Owners cannot vote on whether or not to levy a special assessment.

Naturally, a board that has failed to have a reserve fund study or has caused the situation that led to the assessment can be voted out by owners at a requisitioned meeting or even sued for lack of due diligence. But this is easier said than done!

Special assessments can’t be levied if there is a large surplus or if the reserve fund is sufficient to cover the replacement. However, if the replacement depletes the reserve fund, then the board has to levy an assessment to bring the reserve fund up to date. Or the board may choose to raise fees in order to top off the reserve fund.

Special assessments can’t be levied for repairs that are merely cosmetic to embellish a condo or to accommodate someone’s taste for luxury!

Special assessments require careful consideration by boards and adequate communication with owners, including letters, notices, and even an information meeting to explain the necessity as well as what would happen without this assessment.

There are various ways of levying an assessment: It can be added to the fees for an X number of months (less painful approach), or paid in 2 to 4 instalments, or in one lump sum payment.

Special assessments are like a fee and are proportional to the % of common expenses each unit has, as per the declaration.

As soon as special assessments are contemplated, they have to be noted in status certificates so that potential buyers are made aware of this forthcoming expenditure.

Best June on Record!

In June 2009, Greater Toronto REALTORS® reported a record 10,955 sales, up 27 per cent from June 2008. The seasonally adjusted annual rate of sales in June was 100,700.1

“The record result in June is testament to the fundamentally sound housing market in the GTA,” said the Toronto Real Estate Board’s newly appointed President Tom Lebour. “An increasing number of households have been confident in purchasing a home in the region’s affordable and diverse resale housing market.”

The average price for June transactions was $403,972 – up by two per cent compared to the same month last year. ”The re-emergence of seller’s market conditions has exerted upward pressure on home prices,” explained Jason Mercer, TREB’s Senior Manager of Market Analysis. “Look for sales to remain high relative to listings in the second half of the year. This will keep home prices growing.”

GTA Resale Housing Sales Up 19 Per Cent in the First Half of June

First half of June – an increase of 19 per cent compared to the same period last year.”Households in the GTA have become more confident in purchasing a home over the past three months,” said TREB President Maureen O’Neill.

“Affordability, due in part to very low borrowing costs, has played a key role.” The average price for MLS® sales was $407,716, up by two per cent compared to last year.

What a Lawyer can do to Help!

Buying a home involves piles of legal documents. You need someone to translate the ‘legalese’ and ensure your best interests are protected.Finding a good lawyer

There are lots of good lawyers out there. Ask your friends or people at work. REALTORS® will happily give you the names of several good lawyers. They can’t legally recommend just one, but they’ll only refer lawyers experienced in real estate. Be sure you ask how they structure their fees, and get an estimate of the other legal costs you can expect.

How your lawyer will help

There are many, many legal steps to transferring ownership of land from one person to another. Even if pitfalls like fraud, government legislation, zoning issues or unpaid taxes don’t come up, your lawyer will more than earn their pay by making the legal transfer of the home a smooth one.

Don’t be scared of your lawyer

They are here to help you. Ask questions if you don’t understand anything. Explaining legal jargon in plain language is a big part of their job.