What to Know as a Condo Owner
Are you a brand new owner of a condominium unit? This blog is dedicated to improving your understanding of the responsibilities and restrictions involved in managing your condominium under a regulatory framework.
Whether it is for investment or residential purposes, understanding these concepts are vital as it directly affects you as the unit owner.
Key takeaway & Resources
One of the Management Corporation (MC)
Every condo unit owner will be part of the Management Corporation (MC) which is formed to manage and maintain the estate, similar to being a stakeholder of a company.
As a unit owner it is important for you to cooperate and play an active role in the running and maintenance of the whole estate.
These include the following activities:
- Attending and voting at general meetings.
- Paying maintenance fees and other payments on time.
- Abiding all house rules and by-laws.
Condos are managed on self-governance
The Building Maintenance and Strata Management Act (BMSMA) states that all owners are able to collectively decide on how best to manage the estate that they share. What this means is that all concerns and decisions can be resolved privately between the parties as they are considered private concerns.
If required, concerns may be escalated to appropriate channels for a resolution. A Strata Titles Boards (STB) can assist to reach a resolution to disputes between Management Corporations and unit owners.
