Q: What are the advantages of a Condominium and how does condominium ownership work?
A: A condominium is a legal form of shared ownership, where the owner holds title to the individual residence and a shared interest in the building and grounds’ common elements. A condominium allows for the financial benefits of ownership while leaving some chores of property upkeep and maintenance to our professional property managers. Residents will purchase their condominium homes outright, and pay a monthly “condo fee” to fund all shared common area expenses. This shared fund has the benefit of resulting in lower maintenance costs as compared to what an owner of a single family home would often pay for repairs and upkeep.
Q: What are the Common Element Fees at Oak & Ash Condominiums and what is included in the common element charge?
A: Common element fees will be $210.10 per month and includes front yard maintenance of planting beds, as well as planting along both entrances, grass mowing of rear yards, snow removal of main road including two entrances, driveways at front of the homes and sidewalks up to front entrance. Also includes yearly safety inspections and professional management. Developer fence maintenance will include East, West and North property line fencing. Owners are responsible for homeowner insurance and property taxes as well as individual utilities to their residences including hydro, water, gas, telephone, Internet or cable TV.
Q: As an owner will I have any part to play in the ongoing operation and management of Oak & Ash Condominiums?
A: The project will be professionally managed by a property manager engaged by the Developers and later by the Condominium Corporation Board of Directors. As an owner of a residence in the development, you have voting rights in your condominium corporation. An annual general meeting of all owners will be conducted to review the business of the corporation. You may participate in the management of the corporation to a greater extent if you wish to stand for election to the Condominium Corporation’s Board of Directors.
Q: Can I purchase a home at Oak & Ash Condominiums and rent it until I am ready to occupy myself?
A: You may rent your residence provided all rules and regulations of the Corporation contained in the condominium documents are complied with.
Q: How many buildings, units and floors will Oak & Ash Condominiums have?
A: Oak & Ash The condominium development is made up of 23 homes and there is an offering of three difference models:
- The Evergreen Model which is a 1,673 square foot 3 bedroom 2 bath home.
- The Scarlet Model which is a 1,673 square foot ‘Twin Master’ plan with office/den and 2.5 baths.
- The Willow Model which is a 1,538 square foot home with 2 bedrooms, 2 baths and covered deck.
Q: What type of insurance will I require for my new condominium home at Oak & Ash Condominiums?
A: Owners will be required to provide house insurance for their individual dwellings. The Condo Corporation provides certain liability insurance and insurance of property belonging to the Corporation including the common element. The Condominium Declaration provides further information.