This section applies to the owners of new build condos and conversion developments only.
During the construction and sale of new condos and conversions, a developer-appointed interim board runs the condo corporation. The Condominium Property Act outlines when and how the developer must turn over the condo corporation to the first elected board. The following provides an overview of the turnover process.
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Within 30 days of registering a condominium plan, a developer must appoint an interim board. The names and addresses of interim board members are filed at land titles office. An interim board holds office until the first board is elected. Interim board members must follow standards of conduct in running the condominium corporation, including:
- Act honestly and in good faith with the best interests of the corporation
- Exercise care, diligence and skill that a reasonable person in similar circumstances would do
- Avoid conflict of interest
- Make reasonable efforts to pursue remedies or claims under warranties or insurance policies in connection with the corporation’s property
Meeting to elect first board
When a developer registers a condominium plan, it has 90 days from the day the certificates of title to units (representing 50% of unit factors) have been issued to hold a meeting to elect the first board. This meeting is also known as a “turnover meeting.” An owner can hold the meeting if the developer does not do so within this time period.
At the meeting to elect first board, there are a number of documents that the developer and interim board must provide at no charge to the corporation such as:
- Warranties and guarantees on the corporation’s property
- Structural and electrical working drawings and specifications
- Agreements to which the corporation is a party
- Certificates, approvals and permits
- Building assessment report
- Any reserve fund report
- Other interim board records and documents
Once the first board is elected, the developer or interim board must also provide additional information and documents to the elected board such as:
- Copies of documents or orders as required under other legislation (e.g., Safety Codes Act, New Home Buyer Protection Act)
- Copies of technical documents regarding the condo corporation’s property (e.g., manuals, records of service/repair)
- Copy of the condo plan and redivision plan
- List of interim board members
- Information on owners, mortgagees and tenants
- Copy of any rules made by the board
- Copy of an unsatisfied court judgment or proceedings where the corporation is a party
- Copy of legal or other professional advice
- Copies of any proposed budget, financial statements or tax records
- Copies of records relating to the corporation’s financial institution account holding its funds (e.g., reserve fund and operating funds)
- Copies of legal instruments relating to the corporation’s property (e.g., exclusive possession lease, restrictive covenants, caveats registered against units)
- Copy of the corporation’s insurance policies and certificates
See section 16.1(1) of the Condominium Property Act and section 20.2 of the Condominium Property Regulation for a detailed list of information and documents that a developer or interim board must provide at a meeting to elect first board and to the first elected board.
Last updated: March 2018