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.