New condominium building registration in Mississauga
Parkside Tower in Mississauga
The Residence (Parkside Village’s first tower), one of the newly condominium buildings (Parkside Phase 1 comprises of three Parkside Village Towers: The Residence, Grand Residence and The Park), got registered last month.
Once completed, all these three towers will have different condo corporations.
The first tower’s sale was launched in 2008. Parkside’s price list was updated from time to time.
As per one of the price lists of 2010, the condo fee read 47 cents per square foot and included heating, cooling, common elements, water and building insurance plus $40 for parking and locker together.
Upon registration, many residents at Parkside Village condos freaked out after looking at condo fee of almost 77 cents per square feet. I have received many calls from residents and investors. Even if you factor in inflation of 2 to 3 percent per year, numbers don’t add up.
What can residents do following a new condominium building registration in Mississauga?
- The first thing that residents need to do is to hire a competent board of directors amongst themselves. The new board, following the registration is appointed by the residents and not the builder.
- The new board can also hire their own property manager, professional engineers to conduct a performance audit, and a legal consult to look into condo matters.
- Make sure that the board employs the manager, and that it is not the other way round.
- The board of directors need to familiarize themselves with the Condominium Act, the Declaration and By-laws, and the rules.
- It will be prudent to retain a condo expert as legal counsel to advise the board regarding the interpretation of the Act or other matters of concern, in cases where a discrepancy on what the builder, promised and what is being actually charged.
- As a board member, your crucial function is to deal with the budget. The property manager prepares the budget but it must be passed by the board.
A higher fee affects marketability of condos
The budget and the reserve fund determines the condo fees. The owners at any new condos development in Mississauga, or elsewhere in Ontario, deserve conscientious, detail-minded governance in order to ensure that their building is well maintained, managed and retains its value for the owners. The condo fee is crucial for marketability of the unit, condo fee also affects monthly cash flow, not just for the investors but also for the users (people who buy to live in).
Construction deficiency can also affect new condominium buildings
As per law, the right to recover damages for builder deficiencies is forever lost unless a claim is made within a two year period. Waiting too long is the most costly mistake any new condominium board can make. New registered condominiums in Mississauga should engage professional engineers to conduct a performance audit.
As a general rule, the limitation period for construction deficiencies revealed in a performance audit begins when the audit is issued to the condominium.
It is critically important for new condominiums to engage the services of a condominium-focused law firm at an early stage and get advice on construction deficiency issues.
Condo boards or property managers can provide a great service and accountability to their condominiums and unit owners by seeking the legal help in time.
Condo owners’ strategy session
Condo Owners’ Strategy Session (PDF version) is offered by CondoLawyer™ from their office. An expert condo lawyer meets with condo owners, gathers the facts, reviews the documents, and then provides a summary assessment of their case. Lawyers also answer questions and give owners some strategies and suggestions for moving forward.
I think you will find that this represents very good value for the time and money.
My two cents for any new builders in Mississauga
The market puts a lot of trust in you based on your reputation, past projects etc. Past performance has little to do with the present. It can take years to build a reputation. But a few wrong steps can adversely impact future prospects.
Condominium focused lawyers for newly registered condos in Mississauga
Condominium lawyers, accredited by Canadian Condominium Institute.