If you’re just starting out in condo living, know that it’s common to feel overwhelmed by the abundance of unfamiliar terms. See below on a few explanations on some of the fundamentals.
Condo Boards are comprised of elected unit owners residing in the complex and contain directors and officers. The board has the authority to manage all common elements and assets on behalf of the fellow condo owners. With a StreetSide condo, at the start of a new project when we are still selling suites, StreetSide Developments starts at the governing body. A condo board will be established once its 55% owner occupied, and will be elected by the owners.
Reserve Funds are set aside by the condo corporation in order to cover the expenses of any major maintenance or repairs that need to be done on the common areas of the condo. This fund comes from the condo fees paid by each owner.
Insurance for the overall building is covered by the Condo Corporation. Separate insurance is required for all condo owners to cover the contents of their unit and any options or upgrades.