Call Marg: 705-446-1762

DeclarationA few years ago, one of the local condominium communities in Collingwood ran into some controversy.  A group of owners in one of the developments corporations wanted to exit from the shared facilities agreement.  Basically, they no longer wanted to be part of the shared amenities nor did they wish to pay for it. Had they succeeded, it could have had a dramatic impact on the remaining owners who would have had to shoulder the increased costs among fewer units. In the end, nothing changed and that has everything to do with the Condominium Act.

If you are buying into a condo project, you certainly want to know what you are buying into and who is paying for it, right?  When you purchase a unit, you will receive a copy of the Declaration as part of the status certificate package and the Declaration sets out, among other things, what the common elements are and for whose use and enjoyment.  What if a group of owners wants to change this?  For example, open up facilities to the public to reduce operational costs?

A Declaration of a condominium corporation can only be changed in accordance with section 107 of the Condominium Act.  Basically it requires a resolution of the board approving the proposed amendment and, depending on what is being changed, either 80% or 90% of the votes of the owners at a meeting, and notification to all mortgagees.

Basically, the Declaration is like the constitution of a condominium corporation.  It provides a unit boundary description (is the attic part of the unit or is it a common element?) as well as any common elements that have exclusive use such as patios, storage lockers and parking spots.  It also sets out each units share of common expenses and, it describes the recreational facilities and how they are to be used.

I think many people generally ignore this thick and difficult to read document however, as a condominium corporation director and owner myself, I know that it has become very important to understand in many instances.

 

Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg

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Marg Scheben-Edey

Real Estate Broker
Market Value Appraiser - Residential
Accredited Green Broker™
(designated by the National Association of Green Agents & Brokers)

RE/MAX four seasons
realty limited, Brokerage
Each Office Independently Owned & Operated
67 First Street, Collingwood L9Y 1A2

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