The "board" that oversees and represents an apartment complex is a condominium company. Therefore, if you purchase a condo in, for example, the Montana building, you automatically become a partner in the condo corporation.
The condo corporation of a building is owned by each homeowner. Additionally, you are expected to meet as owners and decide on the building. Members also contribute to maintenance expenses and other upkeep-related charges.
An individual or business may be sued by a condominium corporation for harm done to the building's shared elements. A person, business, or other legal entity may also file a lawsuit against it if they believe the owners to be trustworthy. The condominium corporation may act in such cases through an agent or employee, such as a lawyer.
Why participate in your condo corporation?
You should become actively involved in your condo corporation by serving on the board of directors or, at the very least, by attending every meeting to be informed.
As was already said, when you purchase a condo in Calgary, you also become the legal owner of the corporation that controls the common areas and building as a whole. If you want to protect your investment, you must retain the intrinsic value that comes with ownership.
It is critical to participate in the decision-making process since the decisions taken by the condo corporation may have a direct impact on the value of your unit. A few crucial points to remember are:
1. Resale Value
The condition of the condo organization directly affects the value of your Calgary condo. Participate, make a contribution, and upgrade the structure for the benefit of everybody.
Combining knowledge and skills increases your building's and its units' chances of maintaining their worth on the neighborhood real estate market. You might have experience in some areas that other board members may not have.
2. Upkeep of your investment
This relates to your resale value once more, but it can also affect your condo's quality of life.
Perhaps, as a new owner, you have unique comments, answers, or ideas that will help keep condo rates low. Or perhaps you can create fresh approaches to long-standing issues.
Be open to contributing and offering your ideas. As co-owners, it is in everyone's best interests to make sure the building promotes a laid-back and generally calm living atmosphere.
3. Staying up-to-date
Condominium structures can be enormous, especially if you live in a mid- to high-rise building in the city center. You'll be fully informed of what is happening in the building and why if you participate in daily decision-making.
Because you'll be making such decisions for yourself as a member of the condo board or an active participant in meetings, you'll never wonder why someone else made a decision on your behalf that significantly affects you.
What makes a property manager necessary?
An vital component of any apartment complex is the property manager. One of a property manager's duties is to provide professional management services, which may involve:
- Providing advice to the board of directors
- Upkeep and administration of the condominium's shared areas
- Directing activities and events, including security
- Don't worry; the condo corporation, not the property manager (typically a third-party consultant or company), always decides on capital expenditures and such matters.
What are "bylaws" for condos?
The condo corporation is governed by bylaws, which also lay forth guidelines for the administration, management, and control of the units and common areas of the building. Additionally, they outline the distinctions between common and private land as well as the permitted and prohibited uses of each.
Each condo board is unique, and some have bylaws that differ significantly from those of other condo boards. Here are few instances:
Example #1: In downtown Calgary, one high-rise condominium may permit up to two dogs as long as they are registered with the condo board, yet another one right next to it may not.
Example #2: The procedures for interior unit renovations may vary across the same two buildings. The condo board may not have to approve one development while having to approve the other.
Condo laws in Alberta
Owning a condominium in Alberta entails a variety of factors, including condo organizations. In fact, all businesses must abide by a number of condo rules in our jurisdiction.
The duties and restrictions placed on the condo company are described in the Condominium Property Act of Alberta. According to this Act, condo corporations must:
- manage, care for, and fix communal property
- have insurance
- and keep a reserve.
- propose a yearly budget
- collect fees
- keep records, and enforce the corporation's bylaws and regulations
In general, the Condominium Property Act and Condominium Property Regulations allow condo companies to develop bylaws and regulations particular to their business practices.