Essential Condo Documents You Need to Know

Buying a condo? Living in a condo? Here are the key documents every condo owner should know about. Understanding these will make your life simpler and your condo experience smoother.

Declaration: Think of it as the condo's constitution. It outlines the condominium structure, the units, and common areas. It's the backbone of your condo's legal framework.

By-laws: These rules govern how the condo corporation operates. They cover everything from board elections to meeting procedures and insurance responsibilities. Standard Unit By-law helps you understand your insurance responsibilities.

Rules and Regulations: These are the day-to-day guidelines for living in your condo. They cover things like pet policies, amenities and common area usage. Rules help maintain harmony among residents.

Budget: This document shows how the condo corporation plans to spend money on everyday maintenance and minor repairs. The board approves the annual budget, which sets the condo fee for all condominium units for the next fiscal year.

Financial Statement: This shows how the condo corporation actually spent money. Provided to all owners before the Annual General Meeting.

Reserve Fund Study: This study assesses the condo's long-term capital needs, evaluates the current reserve fund and future contributions, and estimates forthcoming major repairs and replacements. The engineers draft the study to ensure sufficient funds to repair the roof or replace the windows when the time comes.

Status Certificate: This is a snapshot of your condo's financial health. It includes the Declaration and By-laws, Rules, budget, financial statement, reserve fund information, etc. A status certificate is used when buying or selling a condo.

Insurance Policy: This outlines the coverage and deductible the condo corporation's insurance provides.

Understanding these documents keeps you informed and empowered in your condo living experience. Stay in the know and enjoy the peace of mind that comes with it.