No matter where you live in Canada, there are certain categories that you should know before buying a property. So, this article will help you to learn more about the types.
Based on the Alberta condo act, there are some basic differences between buying a house and a condo. However, the condo owner has more responsibilities than staying on rents in condos.
In this article, you will find about changing condo bylaws in Alberta. Let’s go!
What is Condo Bylaw?
The condo bylaws rule the condominium corporation. Moreover, they help in elections as well as the Board of directors.
As there are many condos in Alberta, it is very important to make their lives easier to survive. Therefore, it is necessary to have a set of rules to implement the condo bylaws.
Additionally, the set of rules would help the owners in many ways. But the main benefit is owners, tenants, and occupants need to follow the condo bylaws.
How Does Condo Bylaws occur?
The Condo Bylaws helps owners and tenants to allow them to live a better life. However, every building tends to have different laws for the building.
If anyone is disobeying them, they will face fine. Some buildings may avoid pets, whereas some have age restrictions.
So, you will find all the condo bylaws on the official websites, based on which you can verify them.
Different Issues Covered by Condo Bylaws
There are different issues that Condo Bylaws cover. Therefore, you will find a few problems down below.
But these aren’t the only ones you will find in the Condominium Bylaws.
Some of the issues are:
- Age limits: Whether a condo allows senior citizens or children
- Renovation rules: Whether the building allows any renovations
- Amenities: Whether the building meets proper maintenance and visitors
- Pets: Whether the Board allows permission for pets
- Interior restrictions: Whether the building allows colourful walls or any extra decorations that need drilling
- Parking restrictions: Whether the building allows a visitor to park
How Do I Change My Condo Bylaws in Alberta?
From 2020, the condo bylaws in Alberta are conflicting with the initial bylaws. So, the new Condominium Property Act suggests that the bylaws can change in only special cases.
It is very important to file in the Board of directors, through which the land title office can also keep track.
As per the legal rules and regulations, it is important to file them in the condo plan sheet.
Eligibility of Condo’s Board of Directors
In condos, it isn’t necessary to have the same process to select the Board of directors. However, it is very important to be a part of the condo ownership group.
As buildings have different problems, all the Board of directors discusses them in monthly meetings.
There are yearly meetings where the Board of directors needs to attend and communicate with different owners.
Role of Condo’s Board of Directors
The Board of directors needs to take responsibility. This means that it is very important to act neutrally in every situation.
Additionally, the Board of directors needs to make decisions through which the owners can get benefits. In such cases, it is obvious that all owners wouldn’t agree to the conclusions.
Other than these, if you are getting a previously owned condo, the Board of directors can easily guide you. As they are in the community for a long time, it knows about condos in details.
Condominium Fees
The condominium fees hold a lot of responsibilities. As an owner, you need to take care of all kinds of maintenance.
The condo owners can charge money from the tenants to pay for the maintenance. However, the owners can set the charges at the beginning of each year.
Let’s look more into the details of condo fees.
The Reserve Funds
Most reserve funds help to repair and replace a building. However, it is the Board of directors’ responsibility to save some funds for the buildings.
Additionally, the Board of directors can’t use the funds when they wish because it is necessary to discuss with the team.
Therefore, beginning a year, the Board of directors sets a new budget forecast for the community. The fees rise based on the size of a unit.
Know your fees
It is essential to know your fees before you take any steps. So, it is better to clarify all your questions by asking about them.
In addition, you can always ask for the fee breakdown through a report so that you can get a clear idea.
Nevertheless, if you ask, the Board of directors is compelled to report the funds they receive.
Financial statements
Financial statements play a very important role in the condo bylaws. You need to create reports to review all your expenses.
In many cases, it gets tough for you to do these tasks. So, you can always ask for professional help.
Conclusion
To sum up, it is easy to change your condo bylaws. However, to change your condo bylaws, you need approval from 75% of the owners.
If you find making task sheets complicated, you can always take the help of professionals. As they are experienced, they have a better idea that will help you easily do the task.
Therefore, before you decide to buy a condo, it is better to research condo bylaws properly.