When you purchase a condominium unit in Ontario, you are not just buying a home, but you are also joining a community.
Every condominium community is governed by a condo board, which is an elected group of members who are responsible for the day-to-day operations of the condominium. The condo board has a number of powers and responsibilities that allow it to act in the best interests of the condominium.
The condo board is responsible for making sure that the community is well-maintained and that all of the rules of the condominium are followed. This includes developing and enforcing the condominium’s declaration, by-laws and rules, and handling issues related to the maintenance of the building and common areas.
The board also has the power to take legal action against owners who are in violation of the condominium’s by-laws and rules. The condo board is also responsible for managing the financial aspects of the condominium.
This includes creating and managing the condominium’s budget, collecting fees, and ensuring that the condominium has enough funds to cover its expenses. The board also has the power to enter into service agreements for the repair and maintenance of the condominium and hire and fire employees, such as building staff, in addition to approving large-scale projects and renovations.
Finally, the condo board has the power to make decisions that affect the entire condominium community. This includes making decisions about how the common areas are used and managed, and how the condominium is run.
The board must always act in the best interests of the community and must follow the rules and regulations set out by the condominium corporation. As a condo owner, it is important to understand the powers of your condo board.
The board should always act in the best interests of the condominium community, and they should be held accountable for their decisions. It is important to understand your rights as an owner, and to know when and how to challenge the decisions of the board if you feel that they are not acting in the best interests of the community.
Credit: Antenna
How Much Power Does a Condo Board Have When You Outsource Property Management?
Property management can help you simplify common areas of concern with community-run condo boards.
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Looking for a condo management company in the Greater Toronto Area? Contact ICC Property Management today for a free quote/proposal.
Featured Image Credit: Werner Pfennig
