BEFORE YOU BUY OR RENT
How Condos Work
Condominiums are property complexes comprising of individual units that include shared possession of common elements. Common elements may include garages, elevators, lobbies, condo gyms, pools and more.
Condo boards are responsible for the condo’s governance and oversee managers that are hired to run daily operations. Some condo corporations are self-managed.
Condo units are owned by owners and may be rented out. Owners pay condo fees that corporations use to insure the building, maintain common elements, fund reserve funds and more.
What are condo operations?
The Condo Act requires that condo corporations comply with several operational requirements. These include:
- Handling requests for residents
- Maintaining records
- Maintaining the property of the condo corporation
Condo boards may hire a licensed condo manager to oversee day-to-day operations and carry out these duties.