What is a Condominium Plan?
The condominium plan is one of the most important documents to review before you buy a condominium unit. It includes key pieces of information such as the size of the unit and what is included with the unit, what is common property, and what you may have exclusive use over.
What are Unit Factors?
The unit factor identifies your portion of the joint ownership of the common property. The developer assigns a unit factor to every condominium unit when registering the condominium plan. The sum total of the unit factors for all the units in a condominium plan is 10,000. It is important to know the unit factor assigned to your unit because it will affect your condominium contributions and your voting rights.
What is an Annual General Meeting?
The Annual General Meeting (AGM) of all owners is an important meeting. The AGM is one of the main ways to help ensure accountability of the board of directors of the condominium corporation (the board) to the owners.
At the AGM, the board reports to owners on matters such as the financial health of the corporation. Attendees discuss other important aspects of condominium corporation management, any upcoming major repairs or renovations, as well as litigation involving the corporation. The AGM also gives owners the opportunity to discuss matters that are relevant to the business of the condominium corporation.
What is the difference between titled and assigned parking?
If you have a titled parking stall, it means you own the parking stall. Titled stalls can be sold with the property but assigned stalls cannot. An assigned parking stall is common property and typically leased to an owner by the condominium corporation for their exclusive use.