This is a document that the condominium corporation must register at the Land Titles Office after a condo board membership change. The condominium corporation must register it within 30 days after the AGM. Also, if a change occurs between elections (for example, a board member vacancy or removal), the condominium corporation must promptly file it at the Land Titles Office.
Search Results for: bylaws
Buying a Condo
Buying a condo will be one of the most important transactions of your life and it is important to do your homework before you make an offer to purchase. When you’re choosing a condo, make sure you understand the differences between types of condos and what type will best fit your needs. Request and review documents from the developer (for a new unit) or condominium corporation (for a resale unit) and ask questions. Most importantly, seek assistance and advice from experts before you make an offer. Learn more about each of the topics below by clicking on the link:
- Choosing a Condominium
- Collecting & Reviewing Documents
- Deposits, occupancy fees & other issues
- Experts Who Can Help
- New Home Warranties
Resources
Buying and Owning a Condominium (pdf) – booklet produced by Service Alberta
Condominium Buyer’s Guide (pdf) (html) – produced by the Canada Mortgage and Housing Corporation (note: information is not Alberta-specific)
Condominium plan
The condominium plan contains information such as the size and boundaries of the condominium units and common property, the unit factors, and an illustration of the perimeter (boundaries) of the property.
Related Articles:
Mortgage
When you buy a new condominium unit, the developer must give you a copy of any mortgage or proposed mortgage affecting the title to the unit. Alternatively, a developer can provide a notice with the following information:
- the maximum principal amount available under the mortgage
- the maximum monthly payment payable under the mortgage
- the amortization period
- the term
- the interest rate (or the formula for determining the interest rate) and
- any prepayment privileges
What do these terms mean?
Principal: The amount of money a buyer borrows to purchase a property.
Amortization Period: Length of time required to pay off the mortgage in full. The amortization period will impact how much interest you pay over the lifetime of the mortgage.
Term: The length of the current mortgage agreement. Many mortgage agreements have a three to five year term with an amortization period of 25 years. For the term, there may be a set interest rate and certain rules around how much is payable on the mortgage every month. Once the term expires, you either have to enter into a new term agreement or pay back the mortgage in full. If you enter into a new agreement, you may be able to renegotiate the interest rate and rules around repayment.
Interest Rate: This is the amount the lender charges for loaning you the principal amount (the money you borrowed to pay for the property). The interest rate will usually vary by term agreement and may be renegotiated when a term ends.
Prepayment Privileges: Some mortgages will allow you to make extra payments to pay off the mortgage early. However, some mortgages come with a financial penalty if you make prepayments. It is important to consider whether you will want this option available.
Thank you to the Alberta Real Estate Association for allowing portions of their Condominium A to Z course manual to be adapted for use in this section.
Where to go for more information
It is important to educate yourself about mortgages before you purchase a property. Visit the Government of Canada’s Financial Consumer Agency for detailed information about mortgages. If you’re buying your first home, the Financial Consumer Agency’s Mortgages 101 is a great place to start.
Last updated: July 2022
Occupancy permit
In a new development, a permit showing the unit has passed all safety checks and complies with municipal bylaws.
Related Articles:
Structural Deficiencies
On written request, a condominium corporation must provide a statement outlining:
- any structural deficiencies or
- problems it has knowledge of (at the time of request) in the buildings included in the condominium plan
Review this statement in conjunction with the reserve fund report and plan to see how these deficiencies will need to be addressed in the future and the potential costs of dealing with them. How will the condominium corporation cover the costs? Is there enough money in the reserve fund? Will there need to be a special assessment or increasing condominium contributions?
You should also note any deficiencies mentioned in the statement not included in the reserve fund report or plan. Also, there may be new problems since the last reserve fund study.
Talk to your lawyer or real estate agent about listed structural deficiencies and potential risks of buying the property. Consider hiring a home inspector or engineer to help you assess the benefits and risks of the property before you buy.
July 2022
Dispute Resolution for Buyers
Buying a condominium can be challenging, especially since it involves multiple processes, procedures and documentation. The following information on resolving disputes is not a substitute for legal advice.
Disputes with your developer
If you are having problems with your developer, you should contact them. Talk to them about your concerns and try to reach a mutual solution. It is important to have problems and any agreement to problems documented in writing.
If the developer is not following the rules under the Condominium Property Act and its regulations, you may want to contact Service Alberta’s Consumer Investigations Unit. Service Alberta is the government agency responsible for investigating developer offences under the Condominium Property Act and its regulations.
Under the Condominium Property Act, the government can inspect developers, issue orders and fines and make court applications against developers that are not following the rules. For example, developers are guilty of an offence and are liable for a fine (if convicted) when they:
- Fail to appoint an interim board and file names and addresses with the land titles office
- Fail to disclose documents to the purchaser during the sale process
- Fail to include all information in a purchase agreement
- Do not comply with trust money requirements (e.g., refund deposits for cancelled purchases within the specified time frame, hold trust money until the certificate of title is issued)
- Fail to give notice of material changes
You should seek legal advice for any issues that arise with your developer before, during and after the purchase process. The Law Society of Alberta’s Lawyer Referral Service can provide you with the names of three lawyers who practice condominium law in your area. Please note that lawyers through this service generally charge for their services. Call 1-800-661-1095 for more information.
Disputes with your real estate professional
If you run into any challenges in working with your real estate professional, you should talk to them about your concerns. Open, honest communication is key to a healthy working relationship. If you are unable to resolve the issue through talking with your professional, you may want to consider contacting their broker to discuss the problem. If you cannot reach a satisfactory resolution with the professional or broker, you may be able to file a complaint with RECA.
RECA has produced a comprehensive Guide to Complaints that outlines the dispute resolution options available if you have a problem with your real estate professional.
If you think you’re working with an unlicensed real estate professional, read RECA’s Guide to Complaints Related to Unauthorized Practice.
Depending on the nature of the problem, you may want to seek legal advice.
Disputes with your lawyer
If you run into any challenges in working with your lawyer, you should talk to them about your concerns. Open, honest communication is key to a healthy working relationship.
If you’re unable to resolve your issue, you may able to file a complaint with the Law Society of Alberta. For more information on what type of complaints the Law Society will investigate, visit their website or read their Complaint and Inquiry Guideline.
Disputes with your document review company
If you have any difficulties with your document review company, you should talk to them about your concerns. If you’re unable to resolve the issue through dialogue, you may want to file a complaint with the Better Business Bureau and/or seek legal advice about your options.
Disputes with your home inspector
If you have any difficulties with your home inspector, you should talk to him or her about your concerns. If you cannot reach a resolution, you may be able to file a complaint with Service Alberta. You may also want to seek legal advice about your options, depending on the seriousness of the issue.
Last updated: August 2022
Board of directors
Also known as the board. Board members are elected by condo owners at each Annual General Meeting in accordance with the Condominium Property Act and the corporation’s bylaws. At least 2/3 of board members must be unit owners or mortgagees (mortgage lenders). The board is responsible for the operation of the condominium. Under the Condominium Property Act, the definition of board also includes an interim board.
Related Articles:
Exclusive possession areas
Common property or a condo corporation’s real property that an owner has a right to occupy without any interference by another person. For example, a parking stall, storage unit, or balcony. The condo corporation may grant exclusive possession to an owner via bylaw, lease, licence or other instrument.
Related Articles:
Building assessment report (BAR)
A report that outlines any deficiencies with a building, including deficiencies in delivery/distribution systems (e.g., plumbing), mechanical systems and building envelope (e.g., roofing, cladding).
- « Previous Page
- 1
- …
- 6
- 7
- 8
- 9
- Next Page »