Robert Thomas Smith,
Sales Representative |
| Peak Realty Ltd., Brokerage |
210-410 Conestogo Road
Waterloo, Ontario
N2L 4E2 |
519-747-0231 office
519-747-2958 fax |
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BOARD OF DIRECTORS
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A board, elected in accordance with the Condominium
Corporation Act and By-laws, that consists of 3 persons or a greater number for
a period of 3 years or less as specified by the by-laws.
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BY-LAWS |
Standard rules regarding a condominium
corporation's internal operations that involve governing,
establishing procedures, borrowing, remuneration for directors and
other regulatory matters. |
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COMMON AREA |
The area used by two or more tenants,
and/or third parties, which is not under the control of any one
tenant.
ie., lobbies, corridors,
stairways, elevators, washrooms in lobby area. |
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COMMON ELEMENTS |
The boundary of a unit described as the
outer edge. The exterior brick or door identifies the commencement
of common elements which are regulated by the Board of Directors of
the Condominium Corporation or authorized manager. One or more
owners may have exclusive use of selected common elements, such as
parking spaces or lockers. |
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COMMON EXPENSES |
A term used with the cost of operating,
managing, maintaining and repairing the common elements including
administration.
ie., bulk measured utilities,
maintenance and capital expenditures
**Note: Payment of these expenses
can be enforced by a lien registered against the defaulting owner's
unit. |
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CONDO FEES |
Each unit owner is responsible for a
proportionate share of common expenses relating to common area and
common elements and reserve fund. As a guideline, the allocation of
ownership and responsibility for common expenses are in direct
proportion to the unit size in relation to the total size of all
units. |
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CONDOMINIUM |
Each owner holds title to a specific
unit as well as owning a share of the common property. A condominium
may be an apartment, a row of townhouses, a detached or
semi-detached unit or a vacant lot. |
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DECLARATION |
The constitution of the condominium that
effectively creates the condominium and sets out the
responsibilities of the owners and the corporation. |
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RESERVE FUND |
A fund set up by the condominium
corporation as a special account, in trust, for major repair and
replacement of common elements and assets of the corporation.
ie., roofs, exterior finishes,
sidewalks, electrical, heating and plumbing systems, and
recreational/parking facilities. |
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RESERVE FUND STUDY |
A study to determine whether the amount
of money in the fund and the amount of contributions collected, to
date, are adequate. |
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RULES |
Directions and regulations developed by
a condominium corporation that promote the safety, security, and
welfare of owners, property, and assets of the corporation, and
prevent unreasonable interferences with the use and enjoyment of
common elements. |
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STATUS CERTIFICATE |
A document containing information
regarding the operational, legal and financial dimensions of the
condominium corporation. The information contained within this
document is vital from a buyer's perspective. |
***Information contained in the Status
Certificate includes the following but is not limited to:
- address for service of the
corporation, its' directors/officers and their names
- statement of common expenses
including any unit in default
- amount payable for common expenses
for the proposed unit purchase
- particulars of any increase in
common expenses and reasons why
- statement concerning any
assessments relating to the reserve fund since the date of the
current budget for the current year, and any plans to increase
information concerning any amendments to the Declaration
- details of outstanding judgements
- status of any legal actions
against the condominium corporation
- current budget and recent audit
statement/report
- copy of the current Declaration,
By-laws and rules
- a listing of current agreements,
ie., management and insurance
- statement that the person
requesting this Certificate has the right to inspect the
agreements
- owner compliance with current
agreements regarding any modifications that relate to the unit
- number of units leased for the
fiscal year preceding the status certificate date
- certificate or memorandum of
current insurance policies
- any planned or proposed additions,
alterations or improvements to the common elements, other assets
of the corporation or services
- a statement if a court has
appointed an inspector pursuant to the Condominium Act,1998.
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"...one of the Top 100 Sales Associates in Canada for the first half of 2000."
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- Walter J. Schneider
RE/MAX President |
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"(Robert Smith) is a strong professional without
being high pressured. He showed insight into my tastes &
needs."
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- Client Testimonial |
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