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Common Terms and Definitions
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 democratically elected Board of Directors consisting of homewowners.
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.
The process by which the condominium’s declaration and description are formally approved by the requisite governmental authorities.
Board of Directors:
An elected group of homeowners whose purpose is to serve the interests of the members of the condominium corporation in terms of governing, establishing procedures, borrowing, remuneration for directors and other regulatory matters.
The ownership of a condominium is based on:
i. Separate ownership and title of your home
ii. Shared ownership and costs of maintaining and repairing the common elements, which are shared by all homeowners.
The area used by two or more tenants, and/or third parties, not under the control of any one tenant.
Various components of the condominium where homeowners share joint ownership: hallways, recreational areas, parking garage, parking space, storage locker, roof.
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.
All the space within the set boundaries of your home, as specified in the declaration.
The date is established by the builder and defines when you must take occupancy of your home.
The occupant of the proposed unit before you receive title to your home.
The monthly payment, payable by you, for living in your home prior to final closing. It is based on three components:
i. Estimated Monthly Maintenance Fee
ii. Estimated Monthly Realty Taxes
iii. Estimated Monthly Interest Component
Also referred to as common area expenses. Maintenance fees are 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. The Maintenance fees will include an amount to recover cost for services provided INSIDE the owner's unit, that is, heat and water/sewage.
The final closing date refers to the date after the condominium is registered and upon which you obtain title to your home.
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.