These days, most people are choosing to buy a condominium over an independent house. This has led to many new condo projects in Toronto. Purchasing a condo comes with several rights as well as responsibilities and rules. It helps to be aware of them to ensure a peaceful living without any surprises or hassles. Read on to learn more about a condo owner’s responsibilities and rights.
The Rights Entitled to a Condo Owner
When you buy a new condo, the privileges you get to enjoy are mostly associated with your position and influence on the condo board. The rights are as follows:
- The right to vote at owners’ meetings
- Elect board members
- Review corporation records including minutes of the meetings, financial statements, and more
- Request a meeting of the owners to discuss an issue
- Make the corporation carry out a task required under the Condominium Act by obtaining a court order
The Responsibilities You Have as a Condo Owner
Repairs and Maintenance
The repairs and maintenance of a condo can be classified into the following categories:
- Common Areas
They are the parts of a condo property that are outside the limits of your units. They may include hallways, elevators, parks, lawns, landscaped gardens, exercise facilities, and more. The condo corporation collects funds from the monthly condo fees and uses them for many purposes, including repair and maintenance of the common portions.
- Individual Units
It is your responsibility to maintain the unit and make repairs, if necessary. Also, if there is any damage inside your unit, it helps to read the condominium declaration to know who is responsible for them.
By-laws and Condo Declaration
When you are looking at new condos for sale, it helps to read and understand the condo corporation’s rules applicable to the unit owners. You should learn about any restrictions and make sure that using the unit the way you want is allowed in the by-laws.
It is the responsibility of the condominium corporation to manage the following aspects of the building:
- Property maintenance
- Complete records
- Reserve fund study
It helps to know that as a condo owner, you have the right to become a member of the corporation.
Condo corporations have to hold annual general meetings or AGMs. As the owner of a unit, it is your responsibility to vote on any significant decisions. At meetings, you may also discuss issues such as an upcoming major repair, new rules to be proposed, and more.
Explore Our New Condos for Sale in Downtown Toronto
The Davies offers luxurious condos for sale at a great location. Our suites are beautifully crafted to reflect elegance and sophistication while ensuring comfort and functionality. Our condos come with excellent features, such as private elevator access, well-appointed suites, 24/7 concierge services, secured access to the lobby, and more. We also provide remarkable facilities along with access to shopping centres, transportation, and more.
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