Your Real Estate Resource for Kitchener, Waterloo, Cambridge and the Surrounding Area. Condominium & Home Listings, Information & More.
 Home  Property Listings   Contact Us

Real Estate Buyers Resources
Search Property
 List All Properties
 Advanced Search
 Search All MLS
Home Wish List
Mortgage Tools

Real Estate Sellers Start Here
FREE Home Market Evaluation
Why Use a Realtor
Relocating? Need an Agent?

Other Helpful Real Estate Information & Resouces
Glossary of Condo Terms
About KW's Top Condo Agent
CMHC Condominium Buyers Guide
Our Privacy Policy
Bookmark This Site
Contact Us

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

 
BOARD OF DIRECTORS 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.
BY-LAWS Standard rules regarding a condominium corporation's internal operations that involve governing, establishing procedures, borrowing, remuneration for directors and other regulatory matters.
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.
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.
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.
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.
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.
DECLARATION The constitution of the condominium that effectively creates the condominium and sets out the responsibilities of the owners and the corporation.
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.
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.
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.
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.
Sign up to receive our newsletter including:
Market Updates
Condo News
Hot New Listings
Email Address:

"...one of the Top 100 Sales Associates in Canada for the first half of 2000."
- Walter J. Schneider
RE/MAX President

"(Robert Smith) is a strong professional without being high pressured. He showed insight into my tastes & needs."
- Client Testimonial