Condominium Act Form 5 In King
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Section 97(1) of the Act speaks to the inium's ability to carry out its obligations to repair and maintain the common elements using materials that are reasonably close in quality to the original as is appropriate in ance with current construction standards.
The prescribed rate of interest applicable from time to time, accrued on such monies received from time to time and payable under sections 73, 74 and 82 of the Act is two percent (2%) below “the bank rate established by the Bank of Canada as the minimum rate at which the Bank of Canada makes short-term advances to ...
Condo corporations can now conduct virtual or hybrid meetings and votes without the need to pass a specific bylaw. This change, which came into effect in 2023, makes it easier for condos to hold meetings electronically, building on the practices many condos adopted during the COVID-19 pandemic.
Determining Responsibility Condo corporations. Are generally responsible for repairing damage to common elements and standard unit elements. Owners. Owners are responsible for repairing damage to decorative or non-standard unit elements. Amendments.
As you can see, while a condo board cannot directly evict a unit owner, it can initiate legal proceedings that may result in the forced sale of the unit if the owner fails to comply with the inium's governing documents. More insightful tips on condo living: Condo Maintenance Fees: Things to Know.
What's a “record”? Section 55(1) of the inium Act, 1998 (the “Old Act“) required a inium corporation in Ontario to keep “adequate” records and provided a partial, non-exhaustive list of which documents and things are “records”.
Changes to the inium Act will come into effect October 1, 2023 and will: Permit condo corporations to hold virtual or hybrid meetings unless the condo's bylaws provide otherwise. Establish that voting (including elections) may be conducted virtually or in hybrid form unless a condo's bylaws provide otherwise.
A Section 98 Agreement, also known as an “indemnity agreement” or an “alteration agreement”, is required in all situations where a unit owner proposes to make an addition, alteration or improvement (collectively, the “Improvement”) to the common elements of a inium.
The Ontario Condo Act specifies that a reserve fund can be used only for replacement and major repairs but notmaintenance or regular repairs that result from normal wear and tear. These have to be covered in the regular budget.
In Alberta, a inium corporation can be terminated in two ways. The first option is by passing a special resolution of the owners.
