Condominium Living
Condominium living combines the advantages of single-family ownership with ownership in common with all other unit owners.
At Kidd’s Creek Condominium you own the interior of your unit; all other parts of the complex — the road, yards, exterior of the buildings and amenities — are owned in common by all owners.
This common ownership requires rules and regulations to establish everyone’s rights and obligations. A condominium corporation’s rules and regulations are contained in a series of documents called “Declaration”, the original document that establishes the corporation, the “By-Laws” and “Common Element Rules”. Each condominium corporation has its own set of documents and each condominium corporation is unique. You must read these documents and understand what you can and cannot do in your condo.
The condominium corporation is run by a board of directors made up of owners, like you, who are elected by the owners. At Kidd’s Creek Condominium, the board is composed of five owners elected by all owners at the Annual General Meeting in June.
The board has the power and responsibility to manage and maintain the assets. They arrange for services and pay common expenses on your behalf, such as snow removal and building maintenance, such as roofs. In addition to your mortgage payment and property taxes, you will pay a monthly “common fee” to the Condominium Corporation. This is your unit’s portion of the annual expenses necessary to manage and maintain the Condominium Corporation.
Insurance is still required; however, unlike a single-family home there are two policies. The Condominium Corporation has a master policy that insures the building, common areas and your unit in the condition it was in at the time the property was registered as a condominium. You must purchase a policy that insures any improvements to your unit as well as your own personal contents. Any reputable insurance company can help you purchase the insurance to meet your needs. If nothing else, remember that. Condominium living has its own peculiar characteristics that do not appeal to everyone so be sure before you purchase.