When you own a condominium, you are required to obey certain “laws” as set out in your condominium documents and regulated by the Condominium Property Act, 1993. There could be restrictions on the size of a pet, or the volume at which you play music, or to what you may or may not store on your
balcony. Because there are so many owners living in the same structure, it is important that you obey these guidelines and respect your neighbours. The development disclosure package includes documents, which disclose the intent of the builder for the project, as well as the regulations for the building and units. The budget is the first year budget for the condo corporation as set out by the builder.

The monthly maintenance fee is based on each owner’s proportionate share of the first year budget costs. A portion of the maintenance fee will go towards the condo corporation’s reserve fund for major maintenance and repairs. An Estoppel Certificate is a document that describes the structure of the condominium corporation and confirms the financial obligations with respect to the particular unit being purchased. Complimentary to this, there may be a shared facilities agreement for any shared areas & services when there is more than one building or component involved.

The condo docs also contain rules, the agreement with the property management company, insurance arrangements, by-laws, and a proposed plan of the building. While each component seems almost meaningless on its own, the entire package of condo docs, establishes the basis for an orderly way of life in the
context of shared ownership. Your monthly maintenance fees covers the costs of operation of the building & any services required for that operation which allows you to live harmoniously amongst your neighbours.