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Glossary of Condo Terms:
   
   

Board of Directors
An elected group of homeowners whose purpose is to serve the interests of the members of the condominium corporation.

Common Elements
Includes various components of the condominium in which homeowners share joint ownership. This may include parking garage, roof, recreational areas, hallways etc.

Condominium Corporation
A Corporation without share capital, created under the Condominium Act for the purposes of administering the operation, maintenance and repair of the common elements and assets of the condominium. The Corporation is guided by a democratically elected Board of Directors consisting of homeowners.

Condominium Declaration
The declaration is a "charter" document that creates the condominium corporation. It defines the boundaries for each home and the common elements. It allocates responsibility for the repair and maintenance of the homes and common elements; outlines the condominium' s provisions regarding occupancy and use; specifies common expenses and each owner' s proportionate interest in the common elements; and details each owner' s percentage share of the overall common expenses.

Condominium Ownership
The ownership of a condominium involves 2 aspects:

  1. Separate ownership and title of your home
  2. Shared ownership and costs of maintaining and repairing the common elements, which are shared by all homeowners.

Disclosure Statement
A summary of the significant features of the proposed condominium, and the relevant condominium documents governing the same.

Exclusive Use Common Elements
Particular areas within the condominium' s common areas which homeowners have the exclusive right to use and enjoy. Examples may include balconies, patios, etc.

Final Closing
The final closing date refers to the date after the condominium is registered and upon which you obtain title to your home.

Interim Occupancy
The occupancy of a proposed unit before you receive title to your home.

Maintenance Fees
Also referred to as common area expenses. Maintenance fees are a monthly charge for the utilities, regular upkeep, management, administration and insurance for the common element areas. The fees vary according to building and home size. Each homeowner's portion of these expenses is set out in the budget statement, which lists the percentage for which each unit is responsible. (See chart below)

   
   
Utilities
$128
40%
Shared Facilities / Recreation Centre
$45
14%
Administration / Property Mgmt.
$38
12%
Repair / Maintenance
$32
10%
Reserve Fund
$32
10%
Access Control / Security
$32
10%
Site Personnel
$13
4%
$320*
100%

*Based on 800 square feet at $.040 per square foot.

    
   

Occupancy Date
The date is established by both parties and defines when you will take occupancy of your home.

Occupancy Fee
The monthly payment, payable by you, for living in your home prior to final closing. It consists of 3 components:

  1. Estimated Monthly Maintenance Fee
  2. Estimated Monthly Realty Taxes
  3. Estimated Monthly Interest Component

Registration
The process by which the condominium' s declaration and description are formally approved by the requisite governmental authorities.

Reserve Fund
A fund required to be set aside by the Condominium Corporation to cover the major repair and replacement of the common elements and assets of the condominium.

Status Certificate
A Status Certificate is a short report on the current status of a condominium corporation (arrears or increases in common expenses; whether any major work needs to be done to the building; the amount of the reserve fund and whether the reserve fund is sufficient for any major work). The Status Certificate also provides information about any claims against the corporation and whether the corporation is involved in any proceedings. The Status Certificate package includes the corporation's financial statements, declaration and by-laws.

Unit
All the space within the set boundaries of your home, as specified in the declaration.

Additional Costs or Closing Costs
(not including purchase price):

Based on a $200,000 Condo in the GTA - prices are estimates and are subject to change:

  • Tarion Warranty Corporation enrollment fee- approx. $520
  • Land transfer tax $1,725
  • Legal Fees $750 - $1,500 plus disbursements
  • Home insurance approx. $450/ year
  • Hydro Meter (if applicable) $450 - $600
  • You will also need to allocate costs for moving, storage and decorating in your "new house" budget.

 

    
   
Courtesy of www.Tridel.com