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Frequently Asked Questions
Do I actually own my condominium home?
Yes! On final closing you will receive a deed (or transfer as it is known in the case of a condominium) to your particular residential unit, together with a certification of your common interest with all other unit owners in all of the common element lands and buildings located within the condominium plan.
What exactly do I own when I purchase a Harbourfront Residences at Three Sisters home?
When you purchase a Harbourfront Residences at Three Sisters home you are buying your individual residence plus share of all the common elements. Your proportionate share of the common elements is usually based upon the square footage of your individual unit in relationship to the total square footage of the other units in your condominium.
What are my personal responsibilities when I own a condominium?
As an individual unit owner within the condominium you are responsible for:
1. The interior maintenance of your own home;
2. You must also contribute to the monthly common expenses to maintain the common elements within the condominium. Although the condominium corporation insures the structure of individual homes along with the common elements, you must maintain insurance on the interior and contents of your home. In fact, a ‘condominium package policy’ which gives you coverage on both your unit and your contents is often more economical today than standard homeowners insurance!
How does the condominium corporation operate?
The By-laws of the condominium set out the duties and powers of the condominium corporation, and this is contained within the Disclosure Statement that each owner receives when completing the purchase or their new home. By-law No.1 of any condominium corporation outlines the organization and operation of the corporation including the set-up of the Board of Directors, appointments of officers, meetings of owners and directors, collection of common expenses and a schedule which establishes certain rules and regulations relating to both the units and common elements.
Who makes up the Board of Directors?
The Board of Directors are elected directly by the unit owners at the annual corporation meeting. The qualifications of a Director are that they be 18 years of age or older, mentally competent and financially stable, and that they either be present at the annual meeting when elected or have given their prior consent to be selected in writing. Elected by ballot, the term of a Director varies from one to three years.
Must I participate in the condominium corporation?
Not if you don’t want to! However, Harbourfront Residences at Three Sisters would encourage you to attend each annual meeting of the owners of the corporation at which time elections will take place electing the Board of Directors. This is your opportunity to meet new neighbours, monitor your home investment and become a community voice. In terms of day to day matters, an independent management company/property manger has been hired to fulfill the everyday obligations and responsibilities as set out by the Board of Directors.
I’ve heard about registration of a condominium. What is it?
Once all the buildings to be included in the condominium plan have been constructed to the drywall stage, a surveyor prepares final drawings called ‘the Description’ that confirm the exact location of all of the units within the condominium plan. Once these drawings have been completed and approved by the Registry Office, the condominium is registered and deeds of ownership can be issued. This usually takes place within a time period of six to eight months immediately following the initial occupancy of the first home.