FREQUENTLY ASKED QUESTIONS

What exactly do I own when I purchase a Kings Court Condo?

You own your “Unit” as well as an undivided interest or percentage of the common property elements. Typically, your unit consists of space within the finished walls of your living space. Common elements are those which you have rights to access / use such as halls, land, exterior walls, general structure, parking lot, etc. In addition to ownership you also have a responsibility to share in the cost of maintenance of these areas. The division of ownership is set out in the condominium corporation's declaration and/or by-laws and subject to the Condominium Property Act, Ch. C-16. The proportions of the common interests are expressed in the Declaration.

What are my personal responsibilities when I own a condominium?

As an individual unit owner within the condominium you are responsible for:

1. The interior maintenance of your own home;
2. You must also contribute to the monthly common expenses to maintain the common elements within the condominium. Although the condominium corporation insures the structure of individual homes along with the common elements, you must maintain insurance on the interior and contents of your home. In fact, a ‘condominium package policy’ which gives you coverage on both your unit and your contents is often more economical today than standard homeowners insurance!

What is the Condominium Corporation?

The primary purpose of the Condominium Corporation is to manage the condominium’s property and business affairs. The members of the corporation are the owners of the units
Some of the corporation's duties include:

* setting up a Board of Directors
* managing and maintaining the common elements;
* establishing a fund for the payment of common expenses;
* ensuring that a reserve fund is set up and that the appropriate fees are contributed to the established reserve fund to replace major capital items, such as the roof or unexpected maintenance items;
* preparing the annual budget and assessing and collecting owners' contributions to these funds;
* paying common expenses;
* adequately insuring its liability;
* holding meetings of owners;
* ensuring that the owners comply with the Condominium Act, the declaration, and the by-laws;

How does the condominium corporation operate?

The By-laws of the condominium set out the duties and powers of the condominium corporation, and this is contained within the Disclosure Statement that each owner receives when completing the purchase or their new home. By-law No.1 of any condominium corporation outlines the organization and operation of the corporation including the set-up of the Board of Directors, appointments of officers, meetings of owners and directors, collection of common expenses and a schedule which establishes certain rules and regulations relating to both the units and common elements.

Who makes up the Board of Directors?

The Board of Directors are elected directly by the unit owners at the annual corporation meeting. The qualifications of a Director are that they be 18 years of age or older, mentally competent and financially stable, and that they either be present at the annual meeting when elected or have given their prior consent to be
selected in writing. Elected by ballot, the term of a Director varies from one to three years.

Must I participate in the condominium corporation?

Not if you don’t want to but we would encourage you to attend each annual meeting of the owners of the corporation at which time elections will take place electing the Board of Directors. This is your opportunity to meet new neighbors, monitor your home investment and become a community voice. In terms of everyday matters, an independent management company/property manger has been hired to fulfill the everyday obligations and responsibilities as set out by the Board of Directors.

Can the owners change the bylaws if they want?

Yes, once you form your strata group you can get a majority vote
within the strata members to make changes to existing bylaws.
Eg: At this time only 2 birds/ no more than 2 cats or small animals such as hamsters or allowed. The board would have to change the bylaw to allow dogs.
Or you can add a bylaw stating that only a certain amount of people
can live in one unit so that in a 2 bedroom apartment no more than 2 adults and 2 children would occupy it.

How do you make up the condo fees we pay every month?

They are calculated on the overall monthly or yearly costs associated with the units. EG: These units share the heat, electricity,
Garbage collection, water and sewer, umbrella insurance policy, snow removal, caretaker of the common grounds, management, etc. The monthly strata fees may seem high at first but when you realize that you only pay one fee per month and have someone else take care of all your bills it is well worth it and necessary.

What are the advantages of Condominium ownership?

It makes private ownership possible in areas where land values would ordinarily make this prohibitive, such as close to downtown.
An individual unit owner is not generally responsible for day to day maintenance often associated with home ownership, since exterior maintenance of the units, painting, snow removal, and landscaping are the responsibility of the corporation and are paid for through the “common expenses” fees paid to the corporation by the owners of each unit. Maintenance is usually carried out by a manager or under the direction of the Board.
Owners can vacation and travel knowing that the exterior of their property will be maintained while they are away.
It enables the owner to participate in decision making which affects the property.

Service New Brunswick condo info http://www.snb.ca/e/1000/1019e.asp