Most people get confused while buying condominiums. Buying a condominium deals with certain legal rights and obligations. That is why it is quite different than buying a house.
If you are planning to have condominium ownership in Alberta, you need to know the condominium property acts of Alberta. Let’s explore some basic things that you need to know about condominium ownership.
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What is exactly condominium ownership?
Before going into detail, first and foremost, you need to know what condominium ownership is. Generally, a residential condominium includes many things, such as duplex apartments, mansions, bungalows, and many more.
The condominium is a type of property ownership where you are obliged to maintain everything in that property. Sometimes you can also be a joint owner of a condominium. In that case, you also need to pay all the maintenance costs for up-keeping that property.
Before buying any condominium property, it is also important to know the difference between individual and joint ownership because different condominium has different rules and regulations. And when you have condominium ownership, as an owner, you need to share all the maintenance expenses of that property.
Can a developer company register for condominium ownership?Â
Yes, when a developer company registers for condominium ownership, it is called a condominium corporation. Also, condominium corporations must abide by some condo plans assigned by Alberta’s land title office.
Generally speaking, almost every condominium corporation works as a legal entity. As a result, if there is any damage to the common property, the owners will be partially responsible for that damage. Sometimes a condominium corporation can also be sued for any major property damages.
How does the condominium corporation work?Â
Usually, a condominium corporation is governed by some condo bylaws. So the condominium owners and tenants have to obey all those condo bylaws. Sometimes the condo bylaws can differ depending on the condo apartment, building, or property.Â
Every condominium corporation requires written approval by the board of directors. The board of directors usually has a list of legal rules and regulations. And this is how the condominium corporation works by using those legal rules and regulations.
If you are a condominium owner, you need to know those legal rules and regulations. It will help you know your legal rights and responsibilities as a condo owner.
Is condo bylaws changeable?Â
The answer to this question is Yes. Condo bylaws are not static. That means condo bylaws can be changed by voting of the owners. According to the condominium property act of Alberta, 75% of the owner’s vote is required to change any condo bylaws.
Since the condo bylaws are not static, they can vary depending on the location, property, apartments, and owners. When the condo owners want to change the condo bylaws, they usually need to seek permission from the directors.
What are the roles of the board of directors?Â
Before discussing the roles of the board of directors, it is also important to know that board of directors needs to have good faith and act honestly. Despite having the authority to change the condo bylaws, the board of directors must prioritize the owners’ best interests.
If there are any conflicts among the owners, the board of directors is responsible for solving those conflicts. Additionally, they are also responsible for solving all the existing problems of the condo property, such as utility issues, maintenance issues, etc.
Bottom line:
Since condominium ownership deals with many things, purchasing condo ownership can be very exciting and scary at the same time. If you are planning to purchase condo ownership for the first time, it is quite normal to have some questions in your head.
That is why there are a lot of condo real estate lawyers in Alberta to help you out. If you want to buy condo ownership without any headache or stress, you can always seek help from professional and expert real estate lawyers. Hopefully, this writing helped you get some basic idea about condominium ownership in Alberta.