Condominium corporations must follow laws, keep records, resolve conflicts, maintain the property and follow a budget, similar to a business.
Several people must work together to ensure your corporations operates effectively and within the law:
Below 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.
Your condominium corporation manages its finances by fulfilling responsibilities like:
The annual budget for a large condominium can be over $1M.
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.
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 accommodate the needs of residents with disabilities.
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.