Describe Freehold - Phased condominium ownership.
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, When a builder sells units in the property and reserves the right to create
additional units or common elements in future stages of development under
the same condominium corporation.
What is a 'Disclosure Statement'?
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Also known as the 'Condominium Documents', this package provides
information to enable a buyer to decide whether to proceed with the
purchase or not.
Describe 'Loss of Owner's Right to Vote', in relation to the Condominium Act.
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Prohibits an owner from voting on corporate decisions if they are 30 days or
more in arrears on their common element fees.
All condominium management firms and managers must maintain an ________________________
for service from the Condominium Management Regulatory Authority of Ontario.
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, Ontario address
What does the board enact to promote the safety, security and welfare of all owners?
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Rules
True or false? A condominium owner exclusively holds the sole title to their unit.
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True. They also share ownership of the common elements with the other
owners.
Even after a buyer takes possession of a unit, the Condominium Act continues to
influence ownership in what important ways?
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, - Right of entry
- Loss of owner's right to vote
- Changes made by owners
- Lien upon default
- Meetings
- Owners' contribution
- Bylaws and rules
In a Common Element Condominium, your property will be permanent "tied" to the land
of the common elements condo, meaning your property cannot be ________ ___________ from
its interest in the condominium corporation.
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Sold separately
After the 'First Board' is elected, how soon must a 'First Meeting' be called?
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Give this one a try later!
, When a builder sells units in the property and reserves the right to create
additional units or common elements in future stages of development under
the same condominium corporation.
What is a 'Disclosure Statement'?
Give this one a try later!
Also known as the 'Condominium Documents', this package provides
information to enable a buyer to decide whether to proceed with the
purchase or not.
Describe 'Loss of Owner's Right to Vote', in relation to the Condominium Act.
Give this one a try later!
Prohibits an owner from voting on corporate decisions if they are 30 days or
more in arrears on their common element fees.
All condominium management firms and managers must maintain an ________________________
for service from the Condominium Management Regulatory Authority of Ontario.
Give this one a try later!
, Ontario address
What does the board enact to promote the safety, security and welfare of all owners?
Give this one a try later!
Rules
True or false? A condominium owner exclusively holds the sole title to their unit.
Give this one a try later!
True. They also share ownership of the common elements with the other
owners.
Even after a buyer takes possession of a unit, the Condominium Act continues to
influence ownership in what important ways?
Give this one a try later!
, - Right of entry
- Loss of owner's right to vote
- Changes made by owners
- Lien upon default
- Meetings
- Owners' contribution
- Bylaws and rules
In a Common Element Condominium, your property will be permanent "tied" to the land
of the common elements condo, meaning your property cannot be ________ ___________ from
its interest in the condominium corporation.
Give this one a try later!
Sold separately
After the 'First Board' is elected, how soon must a 'First Meeting' be called?
Give this one a try later!
