Condo owners — especially first-time home buyers — may not consider their corporation to be a big business with a budget in the millions of dollars.
While a person’s home may be their castle, a condo home is a shared castle to be managed on behalf of many residents in accordance to a standard common to all. All those who contribute to its management and maintenance in the form of condo fees have a reasonable expectation that these fees will be utilized in an efficient and effective manner.
Unless condo owners get involved, learn the process and hire competent professionals the business may be headed for disaster — financially as well as emotionally.
The Condo Act, condo declaration, by-laws and rules are the basic documents of the condo corporation. They provide a minimum standard of governance. These documents encourage but cannot ensure that condo owners live up to their responsibility. This includes adherence to these governing documents by electing competent directors and employing competent professionals