With a brand new condo building, comes a brand new condo board, and the first year of a condo board is probably the most important. The way your condo is governed and run will be determined in the first year, and a lot of changes will be made so it’s a great idea to volunteer on your condo board when you first move in.
If you can’t commit to volunteering as a board member, there are other ways to get involved as well.
Bernie Winter, who runs the document-review service Condo-Check and Condo 360, a service that provides consultation and training for condo boards and owners (bwgroupofcompanies.com), says getting involved and asking questions from Day 1 (and before) is all-important. [Calgary Herald]
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.
Some things to note 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 contact the Government of Alberta.
Do you have questions about condo living in Calgary? Feel free to contact us or Tweet us.
