Are You a New Owner?

What is a Condominium?

It is essentially a method of ownership in real property. Each owner holds title to their individual unit and jointly a share in the common property (exterior of the individual unit). The common property is managed by the Board of Directors for the condominium corporation, who are elected by the owners. There are many different "styles" of condominiums including but not limited to: apartment, townhouse, single family or commercial bays. The Condo Corporation is created when the Condo Plan is registered at Land Titles; each unit is registered via. individual title and shows the "unit factor" (their interest) in the common property.

What does the Board do?

The Board is charged with carrying out all of the duties of the Corporation. They are elected by the owners. They make rules and policies to operate the site efficiently. They ensure the common areas are well maintained and are ultimately responsible for the financial operations of the corporation, including determining the operating budget and collection of contributions. They enforce bylaws to ensure peaceful enjoyment of the owners. They are responsible to report to the owners at the Annual General Meeting on the year's operations.

What does KDM do?

KDM assists the Board in the operation of the entire community. Our managers attend the Board meetings and Annual General Meetings, providing guidance and expertise to solve issues as well as plan for future needs of the corporation. We handle much of the administrative and financial operations of the condo corporation including preparation and storage of all relevant documents and financial information. We also ensure that your Board is operating within its' legal obligations to the owners and are compliant with the Condominium Act. We assist in maintaining the common property of the site through independent 3rd party contractors (i.e. snow removal, cleaning etc.). We are also here in case of emergencies and to assist in the enforcement of bylaws.

What are the Owner's responsibilities?

To know the rules and live by them. The condominium lifestyle is a great concept, but in order to be successful it is imperative that owners respect the rights of others, acceptance and abide to the rules and a spirit of cooperation.

The rules you must abide by are specified in the bylaws of the Corporation and in the policies that the Board sets. Every owner and tenant should have a copy of the bylaws and know what the Corporation is responsible for, what the Owner is responsible for and what each can and cannot do. For example, exterior alterations, or changes to the common property are generally not allowed without prior written approval from the Board. They will also specify restrictions for pets, parking and various other questions you may have.