New condominium building registeration

///New condominium building registeration

New condominium building registeration

New condominium building registration in Mississauga

Parkside Tower in Mississauga

new condominium building registration MississaugaThe 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).

 The condominium board should also become a member of the Canadian Condominium Institute (CCI), CCI provides a wealth of information, the meetings are stimulating and the interchanges of ideas with other boards and meeting other professionals in the field are invaluable. As per one of the expert condo lawyers, it is possible that new builder condo purchasers may have some rights if there was inadequate or misleading disclosure, and the condo corporation (after turnover) may have some ability to take steps against the developer on behalf of the owners.

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.

By | 2017-01-23T12:10:59+00:00 August 6th, 2013|Categories: Condos, Square One Condos|Tags: , , , , , |Comments Off on New condominium building registeration

About the Author:

Amit Kalia
Amit is a full time local REALTOR® since 2003. Currently he is with RE/MAX Real Estate Brokerage Inc. in Mississauga. RE/MAX is Canada's #1 real estate company. He is supported by a very strong Sales and Marketing team. Together with his team, Amit has been serving property sellers, first time buyers, real estate investors, landlords, renters, new immigrants to Canada and non-residents. Amit and his team specialize in Square One condos and also work in many other Mississauga neighbourhoods. Team Amit Kalia offers a 30 Days Sold Guarantee to Sellers. Amit's team also provides exclusive A La Carte property management services for their investor clients and landlords.