MyDaddyHomes.com. The Smart Choice: Since 1986

Brampton, ON

  Follow Us On Twitter      We Help Clients From All Over the World Find Brampton Homes and Mississauga homes.Flag of CanadaTrinidad and Tobago FlagFlag USA animated gif 120x90Flag Of IndiaFlag of Jamaica Flag Of Nigeria Flag Of Guyana

 

CONDO OWNERSHIP INFORMATION
 
Understanding condo ownership
 
 

Brampton condo, The belvedere Mississuaga condos

The Condo Lifestyle..What You Need To Know!   

It is often said that buying a condominium is buying a lifestyle. What does that mean?

Condo living is different from owning or renting a single dwelling, town house or apartment, because condos have a dual nature. Condo owners hold title to their units and share responsibility for the operating costs of the balance of the property (common elements such as lobbies) that makes up the condo.

There are many advantages to condo ownership. It may be less expensive than other types of home ownership. It can provide an "instant" sense of community. While someone else is shoveling the snow, you can participate in community decision-making. But condos are not everyone's cup of tea. Condominium corporations may set restrictions on such things as owning pets, or having an outdoor barbecue.


Condo Maintenance Fee:
When you purchase a Condo, you automatically become a part of a homeowner's association to which you pay Condo fees The fees cover the cost of maintaining and insuring the common areas. Precisely what the Condo Fees cover will vary from one complex to the next, so find out exactly what's covered before you buy..

The Condo Fees also help fund a Reserve Fund to cover major expenses, like refurbishing common areas or replacing an elevator. Before you buy a condo make sure your lawyer checks a current financial statement for the association. If the reserve account isn't flush enough to cover unanticipated expenses, the individual homeowner's could be accessed an additional amount to cover the expense. This will add to your cost of ownership.

Reserve Fund Studies:
A condo corporation must maintain a reserve fund for the sole purpose of paying for major repairs and replacement of the corporation's common elements and assets. Corporations are required to conduct a reserve fund study to determine whether the fund can cover these costs. Once the study is done, the board proposes a plan to ensure the reserve fund is adequate. All owners must be given a notice containing summaries of the study and plan and a statement indicating any differences between the two. All existing condominiums must have completed a reserve fund study by May 5, 2004. The fund must become fully funded within 10 years of the study. New condominiums must complete a study within one year of registration and the fund must be fully funded by the end of the following fiscal year.

How is the condominium run?
A board of directors elected by the owners runs the condominium corporation. The board's function is to manage the
condo corporation on behalf of owners: They represent owners. As an entity, they are responsible for making all major decisions regarding the maintenance of buildings and grounds, condos’ finances, and must uphold and enforce the Condo Act, the declaration, by-laws, and rules.

A new requirement will ensure that if at least 15 per cent of the units are owner-occupied, owner-occupants will reserve one position on the board for election. In this way owner-occupants are assured representation on the board. Major decisions are voted on at owners' meetings. Under the new Act, annual general meetings must be held within six months of the end of the condo corporation's fiscal year to ensure that unit-owners have an opportunity to review the financial statements in a timely manner. Participation in community decision-making is a benefit of condominium living.

If you own a condominium Ontario’s  Condominium Act helps to better protect your investment and to improve the day-to-day operation of your condominium.


 

New protections for condo owners and rules for managers and directors in Ontario are taking effect fall of 2017.

Government and Consumer Services Minister Tracy MacCharles says more than one in 10 people in the province live in a condo and more than half of the new homes under construction are condos.

Starting this fall, new rules will make it easier for condo owners to participate in owners' meetings and will make it easier for them to access records of their condo corporation.

Directors will have to disclose whether they are owners or occupiers of units in the building or if they have interests in contracts involving the corporation, which MacCharles says will improve governance and address conflicts of interest.

Directors will also have to undergo training and there will be mandatory education requirements for condo managers applying for a general licence.

Two new administrative bodies will launch this fall, the Condominium Authority of Ontario will provide education about condo owner rights and responsibilities and will manage the tribunal that resolves disputes about access to records, and the Condominium Management Regulatory Authority of Ontario will regulate and licence condo managers.

 


Contact MyDaddyHomes Today!

We Are Here To Help You! All We Need Is That Call Or E-mail From You. Contact Us Today! Call Edison: 416-258-3079 or Email us Below.




*


*


*







*


*





Mydaddyhomes.com is where smart buyers and sellers visit when they are looking to buy or sell Brampton or mississauga condo. Mydaddyhomes.com is a state of the art  home buying and selling system for Brampton and Mississauga Real Estate and Brampton Homes and Brampton condos and Mississauga Homes and condos for sale.  With information on trades and professional people, new condos for sale in Brampton Ontario, Homes for sale and service directories MydaddyHomes.com is a good place to start your house hunting.  Contact Brampton and Mississauga Real Estate agents, Edison and Arlene Samuel we will be there for you.

You can list or search all Brampton and Mississauga condos, houses, home  and condos  for sale and  we have information on Brampton  and Mississauga Ontario rental properties including Brampton and Mississauga apartments for rent,  Mississauga houses for rent, Brampton homes for rent.  Brampton apartments for sale, Brampton  homes for sale, high-rise Brampton  condos for sale or rent,  Brampton power of sales and all other types of Brampton properties and rentals, for free.   The links that most surfers visit are: 

One of the best investment decisions you can make is to buy Brampton or Mississauga Condo, buying a Brampton or Mississauga Condo is a sound investment, based on the yearly increase in Mississauga and Brampton, Buying Mississauga or Brampton real Estate is a good retirement fund.
 
When buying Mississauga or Brampton condos,  you must have trust and confidence in your real estate agent. The MyDaddyHomes team is commitment to ensuring their clients are satisfied with the level of service they receive. The MyDaddyHomes team is committed to provide you with Real Estate Services second to none. Call us first and see what quality service is.
 
Buying a Brampton or Mississauga Condo is a great investment. With a Brampton or Mississauga condo you have piece of the rock. When comparing Brampton and Mississauga condos to other condos in the GTA, Brampton and Mississauga has the best to offer. Mississauga and Brampton condos come in all different price ranges, You can get a starter Brampton condo for around $140,000, a started Mississauga condo for $160.000 a newer Brampton or Miississauga condo $175,000 Isa a  Brampton or Missisauga condo a great investment? yes it is, Come join us and enjoy comfort and a great lifestyle in a Brampton home. Contact Brampton Real Estate agents, Edison and Arlene Samuel today.

 


Real Estate Centre Inc, Brokerage.2 County Crt Blvd, #150, Brampton Ontario L6W3W8

Each Office Independently Owned and Operated
Dir: 416-258-3079,
Office: 905-456-1177  

Toll Free: 1-866-456-1177            

<