Managing a condominium corporation is like managing a business. Corporations must follow laws, keep records, resolve conflicts, maintain the property and follow a budget.
Your corporation is managed by several people who work together:
A condominium corporation must work effectively to ensure its operations are efficient and well-run. Here are a few key aspects and obligations of your condo corporation:
As an owner, you are responsible for maintaining your own unit. The condominium corporation is responsible for maintaining common elements through day-to-day and long-term maintenance.
All condominium corporations must comply with the Accessibility for Ontarians with Disabilities Act, 2005 (AODA). The AODA requires that all employees are trained in customer service, and may require condominiums to renovate so that they accomodate the needs of residents with disabilities.
Your condominium corporation manages its finances by fulfilling responsibilities like:
The annual budget for a large condominium can be over $1M.
In your unit, you are responsible for your own safety. Outside the unit on condominium property, your corporation takes on some responsibility for owners' safety and security.
Section 26.3 of the Condominium Act ,1998 (the Act) sets out the timing and the content for information certificates. These certificates help to ensure that owners receive ongoing information about their condo corporation throughout the year. There are three types: