Whose insurance will respond and who will pay the deductible?
If the unit or common elements are damaged, the condominium corporation’s insurance will respond and the Corporation will pay the deductible.
If damage to the common elements is a result of an act of negligence or omission on the part of the owner and contained within their unit, the condo corporation can charge back an amount up to an amount equivalent to the deductible. Owners may obtain insurance to cover the amount of the deductible through their individual insurance policy
If it is personal property or an improvement to the unit that is damaged, then a claim against the condo unit owner’s policy will be made and the unit’s owner will need to pay the deductible.
What is an insurance trustee?
The purpose of an insurance trustee is primarily to protect the interests of mortgage lenders as well as the owners. In the event of a large claim, the cheque is issued to the insurance trustee to ensure these funds are used solely for repairing the damage covered by the insurance policy.
Do I need to have a copy of the master policy?
You should supply a copy to your own insurance agent or broker so that they can evaluate what the Master policy covers and what you need to cover, otherwise you might be paying double for the same coverage of be under insured.
GET YOUR CONDOMINIUM NOW!!
FOR INQUIRIES PLEASE CONTACT:
RAQUEL CINENSE
(0920) 6273091
(0915) 3636381
(02) 736-1731
(02) 579-7043
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Biyernes, Mayo 22, 2015
Huwebes, Mayo 21, 2015
Condominium Property Act
What is the Condominium Property Act?
The Condominium Property Act sets out the rules for operating and managing Condominiums in New Brunswick. The current Act, from 1969, will be replaced by a more modern Act on January 1, 2010. The new Act contains a framework created to protect consumers during the approval, purchase and sale process for Condominiums. It will be administered by the Director of Condominiums.
When will the new Condominium Property Act take effect?
The new Condominium Property Act c16.05 will come into effect on January 1, 2010. Until then, the Condominium Property Act c-16 (1969) will remain in effect.
Properties under construction before January 1, 2010, will be grandfathered under the old rules, providing that a building permit has been issued.
Why is the new Condominium Property Act c-16.05 being introduced?
The new Condominium Property Act will make Condominium development more in line with other Canadian jurisdictions. It will provide Condominium Corporation directors and officers with better tools for managing the Corporation, such as increased transparency, mandatory reserve fund accounts, better financial reporting, and the requirement for reserve fund studies (for larger corporations). Additionally, a 10-day cooling-off period will help potential buyers better evaluate the documents and rules governing the Condominium project they are about to become part of.
GET YOUR CONDOMINIUM NOW!!
FOR INQUIRIES PLEASE CONTACT:
RAQUEL CINENSE
(0920) 6273091
(0915) 3636381
(02) 736-1731
(02) 579-7043
FOR MORE PROPERTIES VISIT:
WWW.BAHAYSHOP.COM
WWW.CONDYSHOP.COM
The Condominium Property Act sets out the rules for operating and managing Condominiums in New Brunswick. The current Act, from 1969, will be replaced by a more modern Act on January 1, 2010. The new Act contains a framework created to protect consumers during the approval, purchase and sale process for Condominiums. It will be administered by the Director of Condominiums.
When will the new Condominium Property Act take effect?
The new Condominium Property Act c16.05 will come into effect on January 1, 2010. Until then, the Condominium Property Act c-16 (1969) will remain in effect.
Properties under construction before January 1, 2010, will be grandfathered under the old rules, providing that a building permit has been issued.
Why is the new Condominium Property Act c-16.05 being introduced?
The new Condominium Property Act will make Condominium development more in line with other Canadian jurisdictions. It will provide Condominium Corporation directors and officers with better tools for managing the Corporation, such as increased transparency, mandatory reserve fund accounts, better financial reporting, and the requirement for reserve fund studies (for larger corporations). Additionally, a 10-day cooling-off period will help potential buyers better evaluate the documents and rules governing the Condominium project they are about to become part of.
GET YOUR CONDOMINIUM NOW!!
FOR INQUIRIES PLEASE CONTACT:
RAQUEL CINENSE
(0920) 6273091
(0915) 3636381
(02) 736-1731
(02) 579-7043
FOR MORE PROPERTIES VISIT:
WWW.BAHAYSHOP.COM
WWW.CONDYSHOP.COM
Miyerkules, Mayo 20, 2015
What is a reserve fund and why does it exist?
A reserve fund is used to pay for the major repairs and replacement of common property, such as replacing the roof or painting the outside of the building. It is regulated that the monies from the reserve fund can only pay for major expenses and not for emergencies or unexpected expenses. A contingency fund should be set up for these purposes.
All owners must contribute appropriately to the reserve fund. Typically, a portion of each owner’s Condominium fees are directed into the reserve fund on a monthly basis, but some Corporations could choose to do it by special assessment on a quarterly or semi-annual basis. Condominium Corporations may not mortgage the common elements to raise money for major repairs and replacements; they are usually funded through reserve fund fees and special assessments only.
As of January 1, 2010, all Condominiums are required to have a reserve fund. However, the Act will allow Condominium Corporations existing before January 1, 2010, to have five years to build a reserve fund.
GET YOUR CONDOMINIUM NOW!!
FOR INQUIRIES PLEASE CONTACT:
RAQUEL CINENSE
(0920) 6273091
(0915) 3636381
(02) 736-1731
(02) 579-7043
FOR MORE PROPERTIES VISIT:
WWW.BAHAYSHOP.COM
WWW.CONDYSHOP.COM
All owners must contribute appropriately to the reserve fund. Typically, a portion of each owner’s Condominium fees are directed into the reserve fund on a monthly basis, but some Corporations could choose to do it by special assessment on a quarterly or semi-annual basis. Condominium Corporations may not mortgage the common elements to raise money for major repairs and replacements; they are usually funded through reserve fund fees and special assessments only.
As of January 1, 2010, all Condominiums are required to have a reserve fund. However, the Act will allow Condominium Corporations existing before January 1, 2010, to have five years to build a reserve fund.
GET YOUR CONDOMINIUM NOW!!
FOR INQUIRIES PLEASE CONTACT:
RAQUEL CINENSE
(0920) 6273091
(0915) 3636381
(02) 736-1731
(02) 579-7043
FOR MORE PROPERTIES VISIT:
WWW.BAHAYSHOP.COM
WWW.CONDYSHOP.COM
Martes, Mayo 19, 2015
What should I know before I buy a Condominium?
Before you buy a Condominium, you need to know how the complex is run and financed so you can make an informed decision. Understand what you will own.
There are several types of Condominium developments and, depending on the type you chose, it can make a difference in the type of information that might be available for review.
When you buy from a developer (called a Declarant under the Act), there are three possibilities:
The unit is part of a new building, also known as a new sale
The unit is part of a phased development project
The unit is part of a converted building, like an older apartment building or townhouse complex known as a conversion.
When you buy from an existing owner, things can be different. This is commonly known as a re-sale.
Depending on the options above, there are different documents that can be supplied to you and it is important you read them and/or get legal advice. Besides the questions common to the purchase of any property, here are some more questions that are also useful to ask when considering a Condominium:
What are the unit boundaries?
What will my maintenance obligations be?
Is the corporation self-managed or managed by a professional management company?
What are the Condominium fees and what do they cover?
How much money is in the reserve fund?
Are any major renovations or repairs expected in the next 10 years?
What are the rules regarding the allowable number of occupants, noise, pets, amenities, parking, etc., and how are these upheld?
Can I alter my unit’s appearance? If I want to change something, what procedure do I have to follow to get permission?
Can I decorate my deck, patio or my hallway door for the various holidays?
Can I have a clothesline or a satellite dish?
Does the Condominium Corporation have the insurance required by the Act to protect my investment in a unit?
What will my insurance obligations be?
GET YOUR CONDOMINIUM NOW!!
FOR INQUIRIES PLEASE CONTACT:
RAQUEL CINENSE
(0920) 6273091
(0915) 3636381
(02) 736-1731
(02) 579-7043
FOR MORE PROPERTIES VISIT:
WWW.BAHAYSHOP.COM
WWW.CONDYSHOP.COM
There are several types of Condominium developments and, depending on the type you chose, it can make a difference in the type of information that might be available for review.
When you buy from a developer (called a Declarant under the Act), there are three possibilities:
The unit is part of a new building, also known as a new sale
The unit is part of a phased development project
The unit is part of a converted building, like an older apartment building or townhouse complex known as a conversion.
When you buy from an existing owner, things can be different. This is commonly known as a re-sale.
Depending on the options above, there are different documents that can be supplied to you and it is important you read them and/or get legal advice. Besides the questions common to the purchase of any property, here are some more questions that are also useful to ask when considering a Condominium:
What are the unit boundaries?
What will my maintenance obligations be?
Is the corporation self-managed or managed by a professional management company?
What are the Condominium fees and what do they cover?
How much money is in the reserve fund?
Are any major renovations or repairs expected in the next 10 years?
What are the rules regarding the allowable number of occupants, noise, pets, amenities, parking, etc., and how are these upheld?
Can I alter my unit’s appearance? If I want to change something, what procedure do I have to follow to get permission?
Can I decorate my deck, patio or my hallway door for the various holidays?
Can I have a clothesline or a satellite dish?
Does the Condominium Corporation have the insurance required by the Act to protect my investment in a unit?
What will my insurance obligations be?
GET YOUR CONDOMINIUM NOW!!
FOR INQUIRIES PLEASE CONTACT:
RAQUEL CINENSE
(0920) 6273091
(0915) 3636381
(02) 736-1731
(02) 579-7043
FOR MORE PROPERTIES VISIT:
WWW.BAHAYSHOP.COM
WWW.CONDYSHOP.COM
Lunes, Mayo 18, 2015
What should I know about buying from a developer?
If you are buying from a developer on a pre-sale contract, read the documents carefully and make sure you know what work still needs to be done on the Condominium development, and what the expected completion date is.
Before you buy, the developer must provide you with a copy of:
The agreement of sale and purchase which should include:
In the case of a new sale:
the Condominium plan or the proposed plan
the declaration or proposed declaration
the by-laws or proposed by-laws
In the case of a phased development:
a disclosure statement about how the project will take place
a statement that the Declarant is not required to continue the project after this phase
if applicable, an estimated timeline of the phases
if applicable, a statement describing the type of buildings and the number of proposed units
a statement of the proportions of the common interest and common expenses attributable to the units after each phase
a list of the facilities and services the owners will share
In the case of a conversion:
All the same documents as a new sale, but in addition:
if the building has 10 units or less, the agreement will have to contain a current building inspection report paid for by the Declarant
if the building has 11 units or more, the agreement will have to contain a reserve fund study paid for by the Declarant
After receiving all required documentation, the purchaser has a 10-day period to review the documents. If anything found in the documents affects the purchaser’s decision to buy the Condominium, the purchaser may make an objection to the vendor in writing within the 10-day period. If the vendor and purchaser can’t or won’t come to an agreement, the agreement shall be void, and the deposit shall be returned to the purchaser, without interest or liability by the vendor for any expenses or damages caused by the purchaser.
GET YOUR CONDOMINIUM NOW!!
FOR INQUIRIES PLEASE CONTACT:
RAQUEL CINENSE
(0920) 6273091
(0915) 3636381
(02) 736-1731
(02) 579-7043
FOR MORE PROPERTIES VISIT:
WWW.BAHAYSHOP.COM
WWW.CONDYSHOP.COM
Before you buy, the developer must provide you with a copy of:
The agreement of sale and purchase which should include:
In the case of a new sale:
the Condominium plan or the proposed plan
the declaration or proposed declaration
the by-laws or proposed by-laws
In the case of a phased development:
a disclosure statement about how the project will take place
a statement that the Declarant is not required to continue the project after this phase
if applicable, an estimated timeline of the phases
if applicable, a statement describing the type of buildings and the number of proposed units
a statement of the proportions of the common interest and common expenses attributable to the units after each phase
a list of the facilities and services the owners will share
In the case of a conversion:
All the same documents as a new sale, but in addition:
if the building has 10 units or less, the agreement will have to contain a current building inspection report paid for by the Declarant
if the building has 11 units or more, the agreement will have to contain a reserve fund study paid for by the Declarant
After receiving all required documentation, the purchaser has a 10-day period to review the documents. If anything found in the documents affects the purchaser’s decision to buy the Condominium, the purchaser may make an objection to the vendor in writing within the 10-day period. If the vendor and purchaser can’t or won’t come to an agreement, the agreement shall be void, and the deposit shall be returned to the purchaser, without interest or liability by the vendor for any expenses or damages caused by the purchaser.
GET YOUR CONDOMINIUM NOW!!
FOR INQUIRIES PLEASE CONTACT:
RAQUEL CINENSE
(0920) 6273091
(0915) 3636381
(02) 736-1731
(02) 579-7043
FOR MORE PROPERTIES VISIT:
WWW.BAHAYSHOP.COM
WWW.CONDYSHOP.COM
Biyernes, Mayo 15, 2015
Condominium Fees and Reserve Funds
What are Condominium fees and why do they exist?
Condominium fees are the fees that Condominium owners pay to cover their share of the common expenses associated with running a Condominium and maintaining the common property elements. Common expenses could include insurance premiums, snow removal, gardening, repairs and maintenance to common property, property management fees, contributions to the reserve fund and more.
Condominium fees are often paid monthly, and can be divided into several funds. The fees are typically set based on an estimated annual operating cost for the entire Condominium.
What is a reserve fund and why does it exist?
A reserve fund is used to pay for the major repairs and replacement of common property, such as replacing the roof or painting the outside of the building. It is regulated that the monies from the reserve fund can only pay for major expenses and not for emergencies or unexpected expenses. A contingency fund should be set up for these purposes.
All owners must contribute appropriately to the reserve fund. Typically, a portion of each owner’s Condominium fees are directed into the reserve fund on a monthly basis, but some Corporations could choose to do it by special assessment on a quarterly or semi-annual basis. Condominium Corporations may not mortgage the common elements to raise money for major repairs and replacements; they are usually funded through reserve fund fees and special assessments only.
As of January 1, 2010, all Condominiums are required to have a reserve fund. However, the Act will allow Condominium Corporations existing before January 1, 2010, to have five years to build a reserve fund.
How much money should be in the reserve fund?
For small complexes with 10 units or less, the reserve fund must be equal to the annual budget. For large Condominium Corporations with 11 units or more, a reserve fund must maintain at least the minimum amount recommended by the reserve fund study for anticipated major repairs and replacements.
What is a reserve fund study?
A reserve fund study is an analysis of anticipated major repairs and replacements that the Condominium complex will need to undergo in the next 30 years, along with an estimated budget that indicates the needed contributions.
The qualified person who completes the reserve fund study must prepare a report on the common property. It should include:
information on what may need to be repaired or replaced within the next 30 years an assessment of the current condition of the common property estimates for costs of repair or replacement a recommendation on the amount of money that should be in the reserve fund.
Why are reserve fund studies important?
Reserve fund studies are important in helping the owners determine how they must budget for upcoming major expenses. It’s a kind of a road map that details an estimate of the future major expenses needed to maintain the common property. Should the reserve fund not have enough money to cover a major repair or replacement, the Condominium owners may be asked to pay an additional fee to cover this cost through a special assessment – and it could be substantial.
GET YOUR CONDOMINIUM NOW!!
FOR INQUIRIES PLEASE CONTACT:
RAQUEL CINENSE
(0920) 6273091
(0915) 3636381
(02) 736-1731
FOR MORE PROPERTIES VISIT:
WWW.BAHAYSHOP.COM
WWW.CONDYSHOP.COM
Condominium fees are the fees that Condominium owners pay to cover their share of the common expenses associated with running a Condominium and maintaining the common property elements. Common expenses could include insurance premiums, snow removal, gardening, repairs and maintenance to common property, property management fees, contributions to the reserve fund and more.
Condominium fees are often paid monthly, and can be divided into several funds. The fees are typically set based on an estimated annual operating cost for the entire Condominium.
What is a reserve fund and why does it exist?
A reserve fund is used to pay for the major repairs and replacement of common property, such as replacing the roof or painting the outside of the building. It is regulated that the monies from the reserve fund can only pay for major expenses and not for emergencies or unexpected expenses. A contingency fund should be set up for these purposes.
All owners must contribute appropriately to the reserve fund. Typically, a portion of each owner’s Condominium fees are directed into the reserve fund on a monthly basis, but some Corporations could choose to do it by special assessment on a quarterly or semi-annual basis. Condominium Corporations may not mortgage the common elements to raise money for major repairs and replacements; they are usually funded through reserve fund fees and special assessments only.
As of January 1, 2010, all Condominiums are required to have a reserve fund. However, the Act will allow Condominium Corporations existing before January 1, 2010, to have five years to build a reserve fund.
How much money should be in the reserve fund?
For small complexes with 10 units or less, the reserve fund must be equal to the annual budget. For large Condominium Corporations with 11 units or more, a reserve fund must maintain at least the minimum amount recommended by the reserve fund study for anticipated major repairs and replacements.
What is a reserve fund study?
A reserve fund study is an analysis of anticipated major repairs and replacements that the Condominium complex will need to undergo in the next 30 years, along with an estimated budget that indicates the needed contributions.
The qualified person who completes the reserve fund study must prepare a report on the common property. It should include:
information on what may need to be repaired or replaced within the next 30 years an assessment of the current condition of the common property estimates for costs of repair or replacement a recommendation on the amount of money that should be in the reserve fund.
Why are reserve fund studies important?
Reserve fund studies are important in helping the owners determine how they must budget for upcoming major expenses. It’s a kind of a road map that details an estimate of the future major expenses needed to maintain the common property. Should the reserve fund not have enough money to cover a major repair or replacement, the Condominium owners may be asked to pay an additional fee to cover this cost through a special assessment – and it could be substantial.
GET YOUR CONDOMINIUM NOW!!
FOR INQUIRIES PLEASE CONTACT:
RAQUEL CINENSE
(0920) 6273091
(0915) 3636381
(02) 736-1731
FOR MORE PROPERTIES VISIT:
WWW.BAHAYSHOP.COM
WWW.CONDYSHOP.COM
Huwebes, Mayo 14, 2015
Condominium by-laws?
Every Condominium must have a set of by-laws, which governs the Condominium units, the common space, as well as the rights and responsibilities of all involved. These by-laws can vary greatly from complex to complex. For example, some may not allow children or pets to live in the complex. In other complexes, if you want to renovate the inside of your unit, you may need permission from the Condominium Corporation.
Collectively, owners can change the by-laws to suit their particular complex. At least 60 per cent of the owners must vote in favour to allow changes in the by-laws. Any amendments have to be registered in the Land Title Office for it to take effect. All owners and everyone occupying the units must abide by the by-laws of their Condominium Corporation. In some special cases, by-laws may allow the Corporation to fine its owners if they don’t follow the rules.
As an owner of a unit, you have the right and obligation to vote on matters presented at any general meeting, as well as changes to common property, regulations and by-laws. At most general meetings, votes are conducted by a show of hands, but you may also vote by proxy.
If more than one person owns a unit, their vote counts only as one. Check your by-laws for clarification on who has the right to vote.
All the owners of the Condominium units are the members of the Condominium Corporation.
GET YOUR CONDOMINIUM NOW!!
FOR INQUIRIES PLEASE CONTACT:
RAQUEL CINENSE
(0920) 6273091
(0915) 3636381
(02) 736-1731
FOR MORE PROPERTIES VISIT:
WWW.BAHAYSHOP.COM
WWW.CONDYSHOP.COM
Collectively, owners can change the by-laws to suit their particular complex. At least 60 per cent of the owners must vote in favour to allow changes in the by-laws. Any amendments have to be registered in the Land Title Office for it to take effect. All owners and everyone occupying the units must abide by the by-laws of their Condominium Corporation. In some special cases, by-laws may allow the Corporation to fine its owners if they don’t follow the rules.
As an owner of a unit, you have the right and obligation to vote on matters presented at any general meeting, as well as changes to common property, regulations and by-laws. At most general meetings, votes are conducted by a show of hands, but you may also vote by proxy.
If more than one person owns a unit, their vote counts only as one. Check your by-laws for clarification on who has the right to vote.
All the owners of the Condominium units are the members of the Condominium Corporation.
GET YOUR CONDOMINIUM NOW!!
FOR INQUIRIES PLEASE CONTACT:
RAQUEL CINENSE
(0920) 6273091
(0915) 3636381
(02) 736-1731
FOR MORE PROPERTIES VISIT:
WWW.BAHAYSHOP.COM
WWW.CONDYSHOP.COM
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