If you’re currently a condo owner, or are thinking of becoming one, you’re likely familiar with the term ‘condo fees’. While most people would likely say they believe their condo fees should be lower, the reality is your fees are there for a reason, and it’s a good thing to know where your money is going.
A condominium corporation (better known as a board), is responsible for the financial obligations of the condo building. This includes paying for things like insurance, landscaping, repairs to common property, reserve fund and much more.
Be aware of how your condo fees are calculated, and be involved in the process. If you don’t want to volunteer to be on the condo board, at least take the time once a year to vote for the people you think best represent the interests of the building.
Important facts about condo boards and condo fees:
• Condo boards can ask an owner’s mortgage company to pay outstanding fees on their dues
• Condo boards can file caveats against unit titles
• Condo boards can charge interest (up to 18%) on outstanding dues
• Condo boards can sue owners for outstanding condo fees and also file foreclosure on unit titles
Ensure you have your condo documents at the time of sale, and review them thoroughly. If you have any questions about your condo fees or condo board, you can contact your property management company, or find more information from Service Alberta.
