Four Realities of Condominium Law

  1. Condominium unit owners often exclusively own and care for the contents of their condominium units from the back of the dry-wall in and they are proportionately responsible for funding the costs of operations and maintenance of the balance of the building structure as a whole.
  2. Condo fees are applied towards annual maintenance (snow removal, property upkeep, etc.) and “Reserve Fund” projected capital expenses (roof replacement, air conditioning units etc.).
  3. Every three years a qualified Reserve Fund Planner must perform a reserve fund study and recommend appropriate levels of contributions for future Reserve Fund expenses.
  4. As buildings age, unanticipated capital expenses can occur and when this happens, each owner must proportionately pay their share of the total cost, often referred to as a “special assessment”.

DISCLAIMER: The information provided herein is for general purposes only, and is not legal advice. This information relates only to the laws of the Province of Ontario and related laws of Canada applicable in Ontario, and is believed to be correct as at the date it was assembled, but may contain inadvertent errors or inaccuracies and may be out of date when accessed. Cohen Highley LLP disclaims any and all liability and accepts no legal responsibility relating to any use or reliance on this information. Use or reliance on this information does not establish any form of lawyer-client relationship with Cohen Highley LLP, and any such alleged relationship is hereby disclaimed. Legal advice depends on facts and circumstances, and should only be obtained through direct personal consultation with a licensed legal professional. This information is protected by Canadian and international copyright laws and may not be reproduced, transmitted or otherwise disseminated without the express written consent of Cohen Highley LLP.

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