Click one of the letters above to filter the page result to terms beginning with that letter.
Click one of the letters above to filter the page result to terms beginning with that letter.
A prescribed form of notice that an interested party (the caveator) files with Land Titles advising a person of the caveator's interest in the land. The Corporation's right to overdue Condominium contributions may be the subject of a special caveat authorized under Section 39(7) of the Act.
Expenses incurred by the Corporation in maintaining the common property and in carrying out the duties and responsibilities specified in the Bylaws and The Act.
Those parts of the Condominium property that are shared and jointly owned by the unit owners, meaning all of the property except the units as set out in the plan.
The individual line items in the Reserve Fund Study, developed or updated in the Physical Analysis.
The task of selecting and quantifying Reserve Fund components. This task is accomplished through an on-site inspection, review of Corporation design and organizational documents and a review of established Corporation precedents and scheduled future components.
Assessment of the present condition of the Reserve Fund component. The task of estimating Useful life, Remaining Useful Life, and Repair or Replacement Costs for the Reserve Fund. Also referred to a as a Physical Analysis.
The term applied to a specific type of property ownership rather than to any distinct style of building. A style of property ownership where the owner owns a unit and a share of the common property and is governed by the Bylaws in the use of his/her property.
Each owner's share of the Common expenses of the Corporation presently determined in proportion to the owner's unit factors or another formula as specified in the Bylaws, under section 39 (1)(c) of the Act
The legal entity created upon the registration of the Plan. The Corporation, unlike a private business corporation, does not enjoy limited liability and any judgment against the Corporation for the payment of money is also a judgment against each owner for the owner's portion determined by the unit factors or other formula as specified in the Bylaws. Commonly referred to as the "Corporation". A Corporation is a body of persons recognized by law as an individual entity having its own name and identity with rights, privileges and liabilities distinct from those of its members.
The person or company hired by the Corporation to carry out certain areas of the Board of Director's delegated duties or to act as the agent of the Board. Referred to as the "Manager".
A detailed plan of the layout and location of the development, its units, common property and, at times, exclusive use areas. It includes a survey of the land, building outlines and structural plans. It also includes the Condominium Additional Document or Plan Sheet which, amongst other things, records the Address for Service, Notices of Change of Bylaws and Notices of Change of Board Members filed with the Land Titles Office. Referred to as the "Plan".
The Alberta Condominium Property Act, R.S.A. 2010, C-22.
An agreement between two or more parties.
A residential dwelling, commercial space, warehouse building or bare land, which is changed from single title to Condominium title. Usually, these buildings have been used for rental purposes before the conversion and may remain rental afterwards or the units may be sold to individuals.
The estimation of the costs of components based on current market prices, as used in a Reserve Fund Study.