During the purchasing process – there are many documents for you (and your lawyer) to review.
Below is a list of some of the terminology used and definitions, which will to help you through the documents.
- Board of Directors
- An elected group of homeowners whose purpose is to serve the interests of the members of the condominium corporation.
- Common Elements
- Includes various components of the condominium in which homeowners share joint ownership. This may include parking garage, roof, recreational areas, hallways etc.
See Maintenance Fees.
- Condominium Corporation
- A Corporation without share capital, created under the Condominium Act for the purposes of administering the operation, maintenance and repair of the common elements and assets of the condominium. The Corporation is guided by a democratically elected Board of Directors consisting of homeowners.
- Condominium Declaration
- The declaration is a “charter” document that creates the condominium corporation. It defines the boundaries for each home and the common elements. It allocates responsibility for the repair and maintenance of the homes and common elements; outlines the condominium’ s provisions regarding occupancy and use; specifies common expenses and each owner’ s proportionate interest in the common elements; and details each owner’ s percentage share of the overall common expenses.
- Condominium Ownership
- The ownership of a condominium involves 2 aspects:
Separate ownership and title of your home
Shared ownership and costs of maintaining and repairing the common elements, which are shared by all homeowners.
- Disclosure Statement
- A summary of the significant features of the proposed condominium, and the relevant condominium documents governing the same.
- Exclusive Use Common Elements
- Particular areas within the condominium’ s common areas which homeowners have the exclusive right to use and enjoy. Examples may include balconies, patios, etc.
- Final Closing
- The final closing date refers to the date after the condominium is registered and upon which you obtain title to your home.
- Interim Occupancy
- The occupancy of a proposed unit before you receive title to your home.
- Maintenance Fees
- Also referred to as common area expenses. Maintenance fees are a monthly charge (your share) for the utilities, regular upkeep, management, administration and insurance for the common element areas. The fees vary according to project and home size. Each homeowner’s portion of these expenses is set out in the budget statement, which lists the percentage for which each unit is responsible.
- Occupancy Date
- The date is established by Tridel and defines when you must take occupancy of your home.
- Occupancy Fee
- The monthly payment (just like rent), payable by you, for living in your home prior to final closing. It consists of 3 components:
Estimated Monthly Maintenance Fee
Estimated Monthly Realty Taxes
Estimated Monthly Interest Component
- The process by which the condominium’ s declaration and description are formally approved by the requisite governmental authorities.
- Reserve Fund
- A fund required to be set aside by the Condominium Corporation to cover the major repair and replacement of the common elements and assets of the condominium.
- All the space within the set boundaries of your home, as specified in the declaration.